Personal finance education
Wednesday 26 March 2008
With the credit crunch dominating the headlines and the recent budget causing us to pay careful attention to how much we spend, personal finance issues are an important part of everyday life. However, how many of us plan our spending, budget our income and manage our money effectively?
Despite its relevance to daily life, personal finance education in schools does not get enough prominence on the national curriculum, according to a recent Ofsted report. It is currently ‘squeezed’ into personal, social and health education – which is not examined – and teaching this important subject in this way can result in a lack of consistency.
Many head teachers would prefer an accredited personal finance exam that can add to their performance on the league tables, such as Personal Money Management Certificate. This programme aims to provide the knowledge and skills required to manage personal money and to anticipate future needs. It helps the learner to understand the many issues around financing a home, and explores how to budget a wage. Miriam Rosen, Ofsted’s director of education, says:
‘Accredited courses that lead to a formal education inspired a more coherent curriculum and sharper focus on the learning outcomes students were expected to achieve.’