The decision in England to follow Wales in teaching financial literacy to all pupils has been welcomed by leading pension consultancy Quantum Advisory.
The 海角视频 Government, in response to the independent Curriculum and Assessment Review, has announced that it will introduce a new statutory requirement to teach citizenship including financial literacy to primary school pupils from 2028 and extend the provision of financial education for secondary school students, which has been compulsory since 2014, to focus on more complex, age-appropriate content.
The announcement also coincided with the publication of the Westminster government’s Financial Inclusion Strategy aimed at removing barriers and unlocking opportunity for people across the 海角视频.
Stuart Price, partner and actuary at Cardiff-base Quantum Advisory, said: “In Wales, financial education has been taught in schools since 2008 and as of September 2022 it has become an embedded aspect of the new Curriculum for Wales which is statutory for state schools.
"As part of the mathematics and numeracy and health and wellbeing areas of learning, financial literacy supports learners to better manage finances and make informed decisions, meeting each of the curriculum’s four key purposes.
“It is fantastic to see the 海角视频 Government follow in the footsteps of other areas of the United Kingdom and introduce compulsory financial literacy into the curriculum for primary school pupils and strengthen the existing programmes of study for secondary students.
“Financial education helps children and young people to develop the knowledge and skills they need to be able to manage their finances with confidence. Children can form lifelong money habits by the age of seven so introducing financial literacy in primary school is vital.
“Learning how to successfully manage money, in an age-appropriate way, from the moment they are old enough to understand and instilling a greater understanding of budgeting, investment and pensions could help foster a culture of financial stability and independence.
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“The timing of the response to the curriculum review and the publication of the Financial Inclusion Strategy suggests a commitment to ensuring that children develop healthy attitudes to money that will help them later in life, removing a barrier to financial inclusion for certain groups in our society.
“It is imperative, therefore, that the strengthened curriculum is applied in all schools – state, independent, academies, grammar schools – as all children would greatly benefit.”
Quantum Advisory is a leading pensions and employee benefits consultancy for small and medium sized schemes and employers.