Thursday, 7 February 2013

Kids will learn about money

School children will start learning about tax, debt and money management in school from September, 2014.

Compulsory education about personal finance issues has been included in the draft National Curriculum for England for the first time.

The topics, including wages, budgeting, credit and financial risk will form part of Citizenship classes for 11 to 16 year-olds.

They will also learn about interest rates and other financial issues in their maths lessons.

The change comes after a campaign by money experts and MPs who argued that children were leaving school ill-equipped to deal with financial problems and debt.

It will be up to schools to decide how long they will spend teaching children about money, but the quality of the instruction will be checked by OFSTED inspectors.

So when personal finance hits the National Curriculum - what young people will learn in Maths and Citizenship classes.

Citizenship for Key Stage 3 and 4

The National Curriculum for citizenship aims to ensure that all pupils:
*are equipped with the financial skills to enable them to manage their money on a day-to-day basis as well as to plan for future financial needs.
(that’s as well as learning about government, law, volunteering)

Key stage 3, age 11-14 years
*the functions and uses of money, the importance of personal budgeting, money management and a range of financial products and services.

Key stage 4, age 14-16 years
*wages, taxes, credit, debt, financial risk and a range of more sophisticated financial products and services.

Mathematics Key stage 3

Solve problems
*develop their use of formal mathematical knowledge to solve and devise problems within and outside mathematics, including financial mathematics
*solve problems involving percentage change, including: percentage increase and decrease and original value problems, simple interest in financial mathematics and repeated growth 

Campaigners including the Personal Finance Education Group are celebrating the fact that learning about everyday money will be "embedded" in the school curriculum.

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