England’s Department for Education has included financial education in the draft National Curriculum for England in both mathematics and in citizenship education for the first time. This was the fruit of a concerted campaign led in Parliament by the All Party Parliamentary Group (APPG) on Financial Education for Young People, with the support of pfeg (Personal Finance Education Group) and MoneySavingExpert.com's Martin Lewis.

Financial mathematics is set to be included as part of mathematics and financial capability included in citizenship education.

The new curriculum places a ‘renewed emphasis’ on mathematics, including financial mathematics.

The new programme of study for Citizenship specifically includes
• Key Stage 3 – the functions and uses of money, the importance of personal budgeting, money management and a range of financial products and services
• Key Stage 4 – wages, taxes, credit, debt, financial risk and a range of more sophisticated financial products and services

Young people will now gain the skills, knowledge and confidence they need to be able to manage their personal finances, at school.

The Department for Education will now run a consultation on the new draft curriculum.  

Background:

“Huge victory” for financial education campaign

“Financial education is an idea whose time has come.  The campaign has been supported by teachers, parents, young people and more than 250 MPs and Peers of all parties.  Today’s news is a big leap forward for our ultimate goal of ensuring that financial education is taught in every school in the UK.” Justin Tomlinson MP, chair of the APPG on Financial Education for Young People, said:

In December 2011 the APPG, for which pfeg provides the secretariat, published a report calling for financial education to be made a compulsory part of the curriculum following a six-month inquiry. In addition, more than 118,000 people signed an e-petition started by consumer champion Martin Lewis calling for financial education to be made compulsory.