Financial education will be taught in all maintained secondary schools from September 2014 after the Final National Curriculum was published by the Department for Education.
Lessons in budgeting and public spending will be taught in Citizenship during Key Stages three and four and financial equations in Maths Key Stage three.
We are pleased many of our recommendations have been taken on board, especially, planning for the future, a greater link between public and private finances, the inclusion of risk and pensions and less emphasis on complex financial products in KS3.
MyBnk are already busy in the lab creating new and exciting ways of bringing financial education to life for young people and helping teachers maximise the impact of money lessons with award winning programmes.
Work to do
Unfortunately, many of the concerns around quality, expertise, behaviours, attitudes, impact measurement and provision for those post-16 who will not benefit, remain. Read more on that, here.
MyBnk Founder & CEO Lily Lapenna says:
“Everyone who have fought for financial education to be accessible to young people can celebrate today. The priority is now to support teachers in providing quality and focus on reaching all young people including those not in formal education and post 16.”
Congratulations to everyone involved for making a sound contribution to the future of financial education for young people in the UK. We look forward to continuing working together to reach our common goal.
Citizenship KS 3 (11-14 year olds) – The functions and uses of money, the importance of personal budgeting and managing risk (Just like Money Twist KS 3)
Citizenship KS4 (14-16 year olds) – Income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent. (Just like Money Twist KS 4 & 5)
Maths KS 3 – Problem solving involving percentage change, including: percentage increase, decrease and original value problems and simple interest in financial mathematics.
Contact [email protected] for more.