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Pupils to be taught personal finance

Teenagers are to be taught how to handle their personal finances in new lessons to be included in the school curriculum. ‘Economic wellbeing and financial capability’ will be a focus of teaching for 11–16-year-olds, to be announced by the Children, Schools and Families Secretary Ed Balls.

Teenagers will be taught about savings, pensions, tax and investment and “managing risk and learning from mistakes”, lessons which will be provided through dedicated classes and through other subjects such as maths. The proposals also include lessons in understanding the skills and attitudes wanted by employers, and in being enterprising.

Mr Balls said: “It is essential that we equip our children with the financial skills they will need as adults. “Money plays a crucial part in all our lives. I want teenagers to start learning early how to make the most of their money and savings once they start work. “Schools have a vital role to play in encouraging young people to aim high and to improve their chances of a successful career, understand about taking risks and develop a dynamic ‘can do’ attitude. “They need to understand everyday issues like opening a bank account, buying a house and saving for their retirement as early as possible, developing a sense of responsibility as citizens.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .