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- Teaching young people to manage their money is important, according to government, head teachers, students and financial institutions alike.
- Developing financially capable young people
- Developing financially capable young people
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New Ofsted report: Developing financially capable young people
12 Mar 2008
Teaching young people to better manage their money can help prepare them for the world of bank accounts, credit cards, insurance and mortgages, according to the latest report by Ofsted, the Office for Standards in Education, Children’s Services and Skills.
The report, ‘Developing financially capable young people’, shows that providing personal finance education in schools can have a significant and lasting impact on pupils’ future prosperity. It can help them make informed and confident decisions when navigating the financial market – from pensions to whom to bank with. It can also help ensure young people benefit – rather than be excluded from – financial services in the future.However, the report shows that enthusiasm for teaching the subject has not always translated into effective action in schools and colleges with lessons varying in quality. Pressures on curriculum time, teachers’ lack of subject knowledge and expertise in the area and the very wide variation in the nature of post-16 provision are some of the barriers highlighted.
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