Schools inspectorate Ofsted has called for more schools to start teaching personal finance as a standalone subject instead of combining it with other subjects.

In the report Developing financially capable young people, Ofsted said that attempts to incorporate education on personal finance into other courses, such as maths, had been less effective than classes which were wholly focussed on personal finance education.

‘There were shortcomings in developing personal finance education through mathematics lessons. The focus was mainly on using personal finance education as a context for applying mathematical skills, rather than on developing students’ financial skills and understanding,’ the report stated.

There is currently no statutory requirement for schools to provide personal finance education, though QCA accredited courses at GSCE, AS or A equivalent level are available in some schools.

The ifs School of Finance, who provide accredited courses, said it hoped the report would prompt the Government to add personal finance to the core school curriculum.

‘The report clearly identifies the fact that a standalone, nationally recognised qualification is far more effective in producing financially capable young people,’ said Anne Kiem, director of external affairs at ifs.