There’s been an announcement today from the government that, in future, schools will deliver lessons in money management. I’ve often wondered how such a crucial aspect of life could be so roundly ignored by the education system. It will be ignored no longer; I just hope it will be taught effectively.
The schools minister – Ed Balls – says “economic wellbeing and financial capability” will be made a key focus of teaching for 11 to 16-year-olds.
Not before time – in today’s Britain, around two-thirds of adults have trouble with basic financial terms and we have more personal debt than any other country in Europe.
The government says it wants to encourage schools to teach teenagers about personal finance and enterprise. Schools will teach lessons in taxation, personal budgeting, money management, personal savings as well as pensions, interest rates, trade and investment.
They said it:
Ed Balls (schools secretary): “It is essential that we equip our children with the financial skills they will need as adults and get young people thinking about careers and how to fulfil their ambitions.”
Michael Gove (shadow schools secretary): “It’s particularly ironic that Ed Balls should want children to learn to manage debt when it’s his government’s approach to student finance and the housing market which has landed so many young people with such significant debts.”
Rob Coe (secondary education research at Durham University): “Schools are fed up of new initiatives.”
Further Reading:
http://www.timesonline.co.uk/tol/news/uk/education/article2045615.ece
http://education.guardian.co.uk/secondaries/story/0,,2122267,00.html