| Personal finance is firmly on the school curriculum with | | | | It is hoped that as well as basic financial skills the |
| over 10,000 pupils in England, Wales, and Northern | | | | courses will encourage pupils to find out more about |
| Ireland looking forward to gaining finance | | | | how the financial markets work in the UK, and offer |
| qualifications, that they hope will enable them to | | | | a simple understanding of how complex financial |
| pursue careers in the financial services industry. | | | | products such as mortgages and life insurance work. |
| The teenagers are studying optional GCSE, AS and | | | | Currently, schools must include citizenship in their |
| A-level equivalent courses that have been designed | | | | curriculum but there is no requirement for personal |
| as 'stand-alone' qualifications, and are delivered by the | | | | finance to be taught at any level. |
| IFS School of Finance educational charity. Although | | | | However, the government has announced plans to |
| approved by the Qualifications and Curriculum | | | | include personal finance modules within existing, |
| Authority (QCA) schools can choose whether or not | | | | related subjects such as personal social and health |
| to offer the additional subjects to students. | | | | education (PSHE), following expert advice that the |
| The GCSE equivalent courses were only launched a | | | | subject should be taught more widely in the UK. |
| year ago and have already attracted 5,700 students. | | | | Secretary of State Ed Balls has indicated that pupils |
| This follows on from the success of the AS and | | | | will be taught "essential financial life skills" through the |
| A-level equivalent courses that have attracted 4,500 | | | | functional maths and revamped PHSE, which from |
| pupils to enrol since 2005. Although the content of | | | | September 2008 will include a new module covering |
| the GCSE course is designed to enable students to | | | | economic wellbeing. But, he has stated that the |
| grasp basic financial concepts such as budgeting, | | | | "economic wellbeing" aspect will remain voluntary |
| opening and maintaining accounts and using different | | | | prompting the IFS School of Finance to lament a |
| payment methods, the AS & A levels are far | | | | missed opportunity. |
| more in-depth providing a foundation for those | | | | With the backing of the Building Societies Association |
| wishing to work in the financial services sector. | | | | and the British Bankers Association it believed that |
| Director of external affairs at IFS School of Finance, | | | | personal finance should be put on an equal footing |
| Anne Kiem said: "The fact that more than 10,000 | | | | with subjects such as history, geography and modern |
| 14-19 year olds are now gaining the skills necessary | | | | languages, meaning that although all students are not |
| to manage their own finances and make informed | | | | compelled to study personal finance, the schools will |
| financial decisions is clearly great news." | | | | be forced to offer it as part of the curriculum. |