The government is finally recognising that our children are never too young to learn the very basics of good financial planning, saving, and general ‘money sense’.
Personal finance education will become part of the set curriculum in England’s primary schools in 2 years’ time, as part of the government’s plans to broaden out the teaching of personal finance already taking place in secondary schools.
From September 2011, the current schools’ personal finance education budget of £60m will rise by £30m to enable the programme to cover the 4-11 age group. The initiative will come under the government’s Personal, Social, Health and Economic education (PSHE) programme.
Separately, £11.5m has been allocated to support personal finance education in schools by paying for materials and also to fund training so that teachers have the skills and confidence to teach financial education well, according to Matt Hopkinson, a spokesman for the Department for Children, Schools and Families.
In addition to learning the basics of understanding money, saving and planning to make their money last, primary school children will become involved ‘in more hands-on projects like setting up a business inside school, work-shadowing a local industry figure, solving real business problems,” according to Matt Hopkinson. That having been said, schools will also have the freedom to tailor the programme to suit their own students.
The primary school scheme will build on the current success of the scheme at secondary school level, according to Matt Hopkinson. “Our strategy to get schools teaching the values of enterprise has been an unqualified success. Over 90 per cent of secondary schools provide enterprise for all pupils at Key Stage 4. Three years ago, fewer than half did.â€
