The Conservatives have suggested financial education is taught as a standalone subject to 11-18 year olds, rather than bolted onto GCSE maths, while making more use of IFAs.
Speaking at the Conservative Party Debt Summit, Shadow Chancellor George Osborne says the government should be doing much more to promote financial literacy teaching in schools.
He states: “The government has recently pledged to introduce financial literacy to the GCSE maths curriculum. After nine years, this is at least a step in the right direction. But as the ifs School of Finance has pointed out, that could equate to less than four hours a year over two years – far too little to make a real impact on behaviour.”
Osborne says he wants financial literacy to be taught to all 11-18 year olds by equipping teachers with the skills they need to teach finance effectively, not just in isolated financial literacy lessons.
In addition, he says more use should be made of bodies such as the Citizens Advice Bureau, Advice UK and independent financial advisers.
Anne Kiem, head of external affairs at the ifs, says: “We would hope that as these plans develop, the Conservatives will ensure financial education is a dedicated standalone subject, rather than being bolted on to another subject such as maths or citizenship as the current government intends.”
Alastair Mathews, director of policy at the Personal Finance Education Group (pfeg), says: "Pfeg welcomes the Conservative Party's emphasis on financial education in schools. We fully support the statement that it should be taught to 11-18 year olds, but we think it should start at primary school level as well. We support it being taught in Maths but we agree this is not sufficient and it needs to be taught through personal development skills as well."
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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