The Qualifications and Curriculum Authority (QCA) today outlined the key concepts to its 'Economic Well-being and financial capability' program.
As reported on IFAonline earlier this week, the non-statutory study will be taught through an existing subject - Personal, Social and Health Education (PSHE), for children in key stage 3.
The QCA report says the course “aims to equip pupils with the knowledge, skills and attributes to make the most of changing opportunities in learning and work”.
“They develop as questioning and informed consumers and learn to manage their money and finances effectively,” it says.
The study will be split between four key concepts:
- Career – understanding employability and progression.
- Capability – learning to manage money and finances.
- Risk – considering risk in both negative and positive forms.
- Economic understanding – learning the business environment and the functions of money.
A spokesperson for the QCA adds: "Although financial planning classes are not a statutory parts of the curriculum, the new proposals go a long way to reinforcing the significance of these aspects and enable schools to approach them as they see best for their circumstances."
Association of Investment Companies (AIC) director general Daniel Godfrey welcomed the QCA’s initiative.
“The AIC has been calling for a step change in the level of financial capability teaching in the classroom for so long that we must sound like a broken record,” he says.
Godfrey also called on the FSA to find ways to provide funds to support teacher training.
“The prize is invaluable. If children can leave school equipped with the tools that will help them stay out of debt and manage their finances effectively, it will make an enormous difference to their lives,” he says.
“But if sufficient money is not found to deliver the teaching in the way that has been proven to work, I have a very real fear that this important initiative could be left to wither on the vine.”
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