The FSA showed further commitment to supporting personal finance education in schools with the ...
The FSA showed further commitment to supporting personal finance education in schools with the launch today of a new resource for teachers of 10 to 14 year olds.
The resource, called Colossal Cards, covers non-cash forms of money. It aims to iron out the knowledge gaps between the different classes - typically where middle class children understand how 'plastic' money works but have little grasp on budgeting and saving whereas children from poorer backgrounds typically have better budgeting skills but limited experience of financial services and institutions.
The regulator also published today its first benchmarking report, 'Personal finance teaching in schools.' This reveals 84% of primary schools and 89% of secondary schools are already teaching personal finance but the majority of pupils are receiving lessons only once or twice a term.
FSA Chairman, Howard Davies, encouraged the financial services industry to pump more money into supporting personal finance education in schools back in November. The plea was made at the launch of the four-year initiative worth £2m - the PFEG(Personal Finance Education Group) Excellence and Access Project, supported by the AITC.
Despite the regulator's efforts, the report published today shows half of primary schools and two-thirds of secondary schools feel they need more help in the shape of materials, training and advice, model lessons and examples of good practice.
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