The Mail on Sunday
Cash in the classroom
THE Government spends £20 million a year on financial education but has so far failed to offer a unified approach to teaching personal finance in schools.
Although it aims to put money on the syllabus next year, the future of this vital subject is uncertain. Children rely on a muddle of voluntary initiatives.
The Personal Finance Education Group charity provides an industry quality mark for personal finance education and helps schools with lessons.
Chief executive Wendy van den Hende says: ‘We applaud initiatives that help children to learn about money, but are keen that they don’t blur things with too much brand marketing.
‘It’s vital to build personal finance into day-to-day teaching rather than increase education workloads.’
PFEG is jointly funded by the Financial Services Authority and the Department for Children, Schools and Families plus organisations such as HSBC and Prudential.
The charity has been rolling out its own My Money education package as well as other initiatives such as the primary school-focused ‘What Money Means’ and secondary school-targeted ‘Learning Money Matters’.
So far about 3,500 of 6,000 secondary schools, both State and private, have signed up for help with personal finance lessons from PFEG.
Engage Mutual Assurance is one of several finance houses that acts independently. Others include Nationwide Building Society, which has a Nationwide Education pack, the GE Money-backed Moneybox and Standard Life Education Support.