Personal finance education looks set to become a regular part of school life, following a series of successful pilot schemes across the country.
The charity the Personal Finance Education Group (Pfeg) has been working with teachers to help them provide extra-curricula lessons covering everything from straightforward budgeting to calculating interest and getting a good deal on a mobile phone.
The pilot scheme began in England in 2001 and has just been completed. The aim was to support teachers in secondary schools and to help them to become more skilled and confident in educating their pupils about personal finance. It is geared towards helping teachers to identify young people's attitudes to risk and money management, to build their financial skills and to help them make informed financial decisions.
A report published by Brunel University, which analysed the scheme's success, showed that teachers felt personal finance education in schools would be beneficial to pupils. One teacher said: "I think it will broaden their horizons; they will certainly have a better understanding of how to manage money. I think they'll also have a better understanding of the taxation system and why you pay tax."
Under the project proposed by Pfeg, each child would receive 10 hours of personal finance lessons over the course of two years. Pfeg spokeswoman Vola Parker said: "There is a lot of enthusiasm, particularly from the children. We have worked hard to make the scheme relevant and interesting for them and we want to make it as fun as possible.
"The general reaction has been very positive, and the pilot scheme was very successful," Ms Parker continued. "However, it is extremely expensive, and for it to work we need the government and financial services industry behind us."
