Ask a bunch of teenagers about the economy, and they know where their money will go as adults. Buying a house, a car, and being able to provide for their own children are their priorities for the future. The Bank of England wants them to be better equipped to make those big financial decisions. The BBC reports.
Andy Haldane, the Bank’s chief economist, believes financial literacy should be built into the core curriculum early in secondary school.
“There is a huge gulf between the amount of resource and effort put into core literacy and numeracy, which are fundamental, and what we put into economic and financial literacy,” he said.
The Bank of England hopes to reach a thousand secondary schools by the end of next year with new resources that can be used for lessons with Year 8 and 9 pupils.
The EconoMe lesson plans explore basic economic ideas such as interest rates on borrowing and saving. Personal decisions are then connected to the functioning of the wider economy.
The Year 9 pupils at All Saints Catholic High School in Kirkby, Knowsley, are the age group he’s talking about. I took Andy Haldane to the school because it is in an area where families, despite being in work, are often having to manage on very tight household budgets.
The head-teacher of All Saints, Tony McGuiness, says they are well aware that part of their job is to help equip pupils for adult life.
“Financial literacy is particularly important in communities like our own in Kirkby, where people may not be in employment 52 weeks of the year, there may not be a guaranteed wage packet.”
The Bank of England wants to be seen to reach out to schools, but with massive changes underway already in the curriculum and GCSEs , the capacity to add more may be limited.
Read the full article and watch the pupils describe what they understand about the economy Home truths on the High Street for Bank of England boss – Video
Do you think finance should be introduced into the curriculum? Please tell us your thoughts in comments or via Twitter ~ Tamsin
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