Whilst teachers’ consider financial education important, 19% remain under-confident about how to teach the subject
This is according to new research commissioned by the All-Party Parliamentary Group (APPG) on Financial Education for Young People called “Two Years On; Job Done?” which focuses on the efficacy of financial education in England, two years after it was made a statutory part of the curriculum.
The survey of 450 secondary school teachers found that only 17% of schools received training or advice on teaching the topic and many respondents indicated that more needs to be done to support schools, whilst 65% believe that schools need outside support to teach financial education well.
The report also suggests that statutory financial education should be introduced earlier, as 66% of responding teachers believed that financial education should start in primary school.
In the UK, those aged 18-24 represent over 20% of the over-indebted population of the UK, yet the survey found that little had changed since financial education was added to the statutory Maths and Citizenship curriculum in 2014, as 25% of teachers stated that financial education is either a low priority or not a priority in their school.
The inquiry was chaired by Suella Fernandes MP, and has recommended that the Department for Education ensures new teachers learn about financial education during their initial teacher training and that the extent to which schools provide financial lessons should explicitly form part of Ofsted inspections.
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