Rishi Sunak talks to Year 1 maths students during a visit to Wren Academy school in Finchley, north London. Photo: RICHARD PAUL/THE TIMES /PA
Sixth formers will be taught how to manage their personal finances under Rishi Sunak's plan to overhaul the A-level system.
Teenagers will be able to receive lessons on how to complete a tax return and create a budget for your children. household and invest in accordance with the proposals under consideration.
The Prime Minister said on Thursday he wants to create a “world-class” education system that prepares pupils for the “jobs of the future”, as the government launched a consultation on the Advanced British Standard (ABS), a new post-16 qualification.
The qualification will replace A-levels in England and will mean all pupils study maths until they are 18.
The consultation found that as a “minimum” pupils should leave school with knowledge that will “enable them to make sound financial decisions”. solutions”. earn money” and “manage your personal finances.”
A government source said this would mean including personal finance education in maths up to 18 years of age. However, it will not be taught as a separate course or subject.
p>Civic Education
Pupils currently study personal finance topics between the ages of 11 and 16 as part of their 'civics' education. Curriculum topics include income and spending, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
However, it is understood that members of the expert panel appointed to advise The Prime Minister over his 'maths by 18' ambitions has been called for lessons covering personal finance topics such as tax returns and inflation.
The research, carried out by MyBnk, a financial education charity, with support from the Center for Economics and Business Research, found that only two in five young people in the UK are financially literate.
However, they suggested that just under three and half an hour each month is dedicated to financial education for children aged 11 to 18 years. This could help ensure financial literacy for the majority of young people.
Leon Ward, chief executive of MyBnk, said: “I support anything that gives young people more financial education.”
“It's not just about budgeting. It's about understanding tax codes, budget announcements or energy price guarantees. There are examples where we know that most people completely misunderstand this policy.”
Pupils typically study five subjects rather than the three under the ABS qualification first announced at the Conservative Party conference.< /p>< p>Under reforms expected to take a decade to implement, 16 to 19 year olds will study more subjects at both 'major' and 'minor' levels.
Students will have to study English and maths at either 'core' or 'additional level'.
More detailed plans and implementation proposals are expected to be set out in a White Paper next year, the Department for Education has said.
Technical and academic education
Mr Sunak said the new qualification would combine technical and academic education, increase the amount of time children spend in the classroom with teachers and ensure everyone is studying maths and English by the age of 18, as in many other countries.
< p >He said: “We need to make sure that our education system is world class and that our children are prepared for the jobs of the future.”
Sharon Davies, chief executive of Young Enterprise, said: “Financial education is about more than just helping young people develop responsible money management habits. It can make a significant contribution to financial freedom, helping them make informed choices to navigate a complex financial landscape, while building the necessary confidence and resilience for the future.
“Proposal to include elements of financial decision making and management personal finance into the core maths component of ABS is welcome, however this needs to be complemented by enhanced provision at all stages of education, from Primary to Year 16.
“With the introduction of financial education into the national secondary school curriculum, we have realized how important it is that teachers are provided with the appropriate support to implement this topic effectively.”
Geoff Barton, General Secretary of the Association heads of schools and colleges, said: “We are currently experiencing a serious and deepening crisis of funding and teacher shortages in education, and the Government is preoccupied with introducing a new qualification that will take a decade to develop and is likely not to happen at all.”
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