The government has added financial education for students aged seven to 14 to the national curriculum for England.
The new draft curriculum embeds financial education embedded in maths and citizenship courses
The citizenship curriculum will address the functions and uses of money. From ages seven to 11 students will be taught the importance of personal budgeting, money management and be introduced to a range of financial products and services.
In the next stage of citizenship studies, students aged 11 to 14 will be taught about wages, taxes, credit, debt, financial risk and a range of more sophisticated financial products and services.
In addition, the new curriculum places a ‘renewed emphasis’ on mathematics, including financial mathematics.
Justin Tomlinson MP, chair of the all-party parliamentary group on financial education for young people, said: ‘This is wonderful news and a huge victory for our campaign. I am delighted that financial education has finally been given the place it deserves as a compulsory part of the national curriculum.
‘Generations of young people will now gain the knowledge and skills they need to be able to manage their personal finances. This will make a real and lasting difference to financial capability in our country.’
The Personal Finance Education Group (Pfeg) has welcomed the government's move as a ‘huge victory’ for the campaign.
Tracey Bleakley, Pfeg chief executive, said: ’Financial education is essential in equipping young people with the knowledge, skills and confidence they need to be able to manage their money well.
‘With financial mathematics included as a part of maths and financial capability included in citizenship education for the first time, the campaign has achieved both of its objectives. We are delighted that ministers have listened on both fronts.’