Small step towards financial education in schools

Draft national curriculum guidelines state schools should include pounds and pence examples within mathematical equations for under-11s.

While this is a long way from MoneySavingExpert.com's goal of making financial education a compulsory part of the national curriculum, it is at least a step in the right direction.

If implemented, these moves would become enshrined in the curriculum in September 2014.

'Small step'

Wendy Alcock, MoneySavingExpert.com campaigns coordinator, says: "It's one small step for financial education but not a giant leap for our campaign.

"We'll be pushing to get even more money matters into the programme of study when it's put out to consultation later this year but it's good to see financial capability getting more space on this version of the maths curriculum."

The Personal Finance Education Group charity says it is "very pleased" at the news, adding: "Although we recognise many teachers already use money as a context, it is very pleasing to know that teachers will be required by this curriculum to teach money specifically."

Our petition calling for compulsory financial education in schools attracted 118,000 signatures and led to a parliamentary debate.

The Government is currently considering this proposal, also supported by the All Party Parliamentary Group on Financial Education for Young People.

Code of conduct

Meanwhile, the Government-backed Money Advice Service announced today it will develop a voluntary code of practice for providers of financial education to young people, including schools and firms.

The code, which will be completed in 2013, aims to set a framework in which teachers operate, though more details on the content are not currently available.