Ofsted wants more standalone personal finance lessons
Ofsted calls for more specialised personal finance teaching
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Wednesday, 12, Mar 2008 08:10
Personal finance lessons should be introduced on a standalone basis for pupils in England and Wales, the schools watchdog has said.
A report out today from Ofsted found schools offering pupils lessons in managing their finances were having a "significant and lasting impact".
But it claimed personal finance lessons being 'tacked on' to subjects such as maths and citizenship was counterproductive.
Ofsted, which based its findings on visits to 22 schools and sixth form colleges in the 12 months leading up to April last year, observed a sharp variation in quality in personal finance lessons, despite enthusiasm for them among teachers and pupils.
Miriam Rosen, director of education at the watchdog, said young people were learning the "right mix of skills and attitudes" with regards to bank accounts, credit cards, insurance and mortgages through their money lessons.
"Providing personal finance education in schools can have a significant and lasting impact on pupils' future prosperity and help them to successfully navigate the financial market – from mortgages and pensions, to whom to bank with – when they leave education," she said.
"It is important that young people are able to make confident and informed decisions about their money and therefore benefit – rather than be excluded from – financial services."
Ms Rosen recommended clear guidance on the amount of time personal finance lessons should take up on the curriculum in key stages three and four, as well as better training of teachers in finance matters.
Commenting on the proposals, Anne Kiem, director of external affairs at the IFS school of finance, said: "Spreading personal finance thinly across the curriculum is far less effective than a standalone course."
She went on to say that "maths is not the right place for personal finance to be taught [and] a great deal more needs to be done to equip teachers with the skills and confidence to teach personal finance".
A spokesman at the Department for Children, Schools and Families said the government was investing £11.5 million in financial education.
''It is vital that all young people leave school with the skills and confidence to manage their money well," he explained.
"This investment will support revised guidance for financial capability, innovative resources and more training and support for teachers."