Schools
Why in schools?
Schools provide a unique opportunity to reach all sections of society, including many individuals who may later become far harder to reach. Providing personal finance education in schools is the best opportunity to embed a basic understanding of financial matters when young people are most receptive to learning.
Now more than ever, it is important that school leavers have the financial skills to take them into the next stage of their lives, and onwards.
We tailor our approach to each country within the UK to fit with their educational systems.
England
From September 2008 personal finance education has become an explicit part of the secondary school curriculum with new ‘economic wellbeing and financial capability’ programmes of study, which form part of Personal, Social, Health and Economic (PSHE) education. There are also opportunities to explore personal finance issues through mathematics and citizenship. To help schools and teachers deliver these programmes of study we are funding the Personal Finance Education Group (pfeg) to undertake Learning Money Matters. This provides schools with access to a range of services that will help schools and teachers to deliver effective personal finance education in the classroom.
In October 2008 the Government signalled its intention to make PSHE education statutory in all schools in England, which will mean that every school will have to provide personal finance education to their pupils. We will fully support Sir Alasdair Macdonald’s forthcoming review into how the intention to make PSHE education becomes a reality.
Who are pfeg?
The Personal Finance Education Group (pfeg) is an educational charity and their mission is to make sure that all young people leaving school have the confidence, skills and knowledge in financial matters to take part fully in society. pfeg offers a range of advice and resources suitable for pupils of all ability levels, as well as reflecting different social, economic and cultural backgrounds. pfeg supports UK teachers working with children and young people aged 4 to 19.
Personal Finance Education Group (pfeg) website
Northern Ireland
Personal finance education has been identified as a component of mathematics and in the learning for life and work programmes that are compulsory for all pupils in the 14-16 age range.
We are funding two development officers to work at the Council for the Curriculum, Examinations and Assessment (CCEA). They will help teachers and schools put in place a planned and coherent personal finance education programme.
Council for the Curriculum, Examinations and Assessment (CCEA) website
Scotland
Financial education can help all children and young people develop all four capacities of Curriculum for Excellence, particularly in becoming responsible citizens and effective contributors to society and at work, with an informed sense of their roles in the world. We are funding three development officers based at the Scottish Centre for Financial Education (SCFE) to help local authorities, schools and teachers implement a planned and coherent programme of personal finance education for their pupils.
Scottish Centre for Financial Education (SCFE) website
Wales
In Wales, financial education is compulsory for all young people aged 7 - 16. We are funding a development officer based at the Welsh Financial Education Unit (WFEU) to help schools deliver a co-ordinated programme of personal finance education to their pupils.
Welsh Assembly Government website
