The ifs School of Finance has welcomed calls by the FSA to make financial education a mandatory part of the school curriculum.
FSA chief executive John Tiner says students should have the option of studying for a qualification in personal finance in the same way as they are able to learn subjects such as history, geography and foreign languages.
“To create a more self-standing society in the future, young people will need basic levels of financial competence as they make key money decisions earlier in their lives and I would hope that Ed (Balls), in his new role as Secretary of State for Children, Schools and Families, will be able to ask his new colleagues to find room for financial education on the mandatory core curriculum at the earliest opportunity,” he says.
Last month, 85 MPs signed a parliamentary motion calling on the Government to ensure schools offer a standalone qualification in personal finance.
Gavin Shreeve, ifs School of Finance chief executive, says he is delighted the FSA recognised financial education needs to have a stronger curriculum presence.
“As the only provider of GCSE, AS and A level equivalent qualifications in personal finance, we know what an incredibly positive difference these qualifications make to the financial capability of young people,” he says.
“Adding personal finance to the list of qualification options at age 14 would give financial education an equal footing with a wide range of other subjects and lead to a step change in the number of young people leaving school with the necessary skills to manage their own finances effectively.”
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