RegulationAccounting StandardsOfsted calls for better personal finance education

Ofsted calls for better personal finance education

Maths lessons are not the right place for students to learn about managing money, says watchdog

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.

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