Tracey has welcomed the success for the campaign for compulsory financial education in schools, following the publication of the new draft National Curriculum for England. The new curriculum will see personal finance taught in both mathematics and in citizenship education for 11 to 16 year olds, making financial capability a statutory part of the curriculum for the first time.
Tracey has been a key supporter of the campaign as a member of the All Party Parliamentary Group (APPG) on Financial Education for Young People, chaired by Justin Tomlinson MP. In December 2011 the APPG published a report calling for financial education to be included in the national curriculum, to equip young people with the knowledge and skills needed to manage their money and make informed financial decisions.
The campaign has also been supported by national charity pfeg (Personal Finance Education Group), MoneySavingExpert.com’s Martin Lewis and tens of thousands of teachers and parents across the country.
“I am delighted to welcome the achievements of the financial education campaign. As a strong supporter of the campaign I feel it is very important for young adults to fully understand financial management and responsibility before they become independent. By introducing this into the national curriculum I am positive that not only will young adults be better prepared when it comes to managing their personal finances and making financial decisions, but it will also help prevent many debt problems which are often caused by a lack of financial education. “
The new programme of study for citizenship education specifically includes:
· Key Stage 3 (age 11-14) – the functions and uses of money, the importance of personal budgeting, money management and a range of financial products and services
· Key Stage 4 (ages 14-16) – wages, taxes, credit, debt, financial risk and a range of more sophisticated financial products and services
In addition, the new curriculum places a ‘renewed emphasis’ on mathematics, including financial mathematics.