The prime minister was responding to a final programme of study outlined by education secretary Michael Gove, after a three-month consultation on reforms to the curriculum.
He said: “We have so many people in our country who struggle to understand how mortgage rates and interest rates and those sorts of things work.”
In February, the government proposed widespread changes to the high school syllabus, which included lessons on money as part of the citizenship course.
The 198-page framework for the revised curriculum stated that pupils should be “equipped with the financial skills to enable them to manage their money on a day-to-day basis, and plan for future financial needs”.
It added that the new syllabus should “prepare pupils to take their place in society as responsible citizens by providing them with the skills and knowledge to manage their money well and make sound financial decisions”.
The department for education proposed that schools formally teach budgeting, wages, taxes and debt among other topics.
This follows lobbying from industry groups, consumer organisations and politicians alike, including independent campaigner Caroline Stephens, who piloted a project to incorporate personal finance into money lessons across Wiltshire last year.
| ADVISER VIEW |
Ivan Hutchings, director at Coventry-based Adrian Smith & Partners, said: “The days of receiving good, sound advice from your local bank manager or building society are being phased out. Increased regulation and pressure on the banking sector mean people are unsure where to get advice. We need to do everything we can to equip our younger generations with the knowledge needed to provide for their future. The country is already facing a savings crisis and we cannot afford to let this problem grow.” |
