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<p>It is important that pupils are well prepared to manage their money, make sound
financial decisions and know where to seek further information. The Department has
introduced a rigorous mathematics curriculum, which provides pupils with the knowledge
and skills to make important financial decisions and has also published statutory
and non-statutory programmes of study for mathematics and citizenship that outline
what pupils should be taught about financial education from Key Stages one to four.</p><p>
</p><p>In 2014, for the first time, financial literacy was made statutory within the
National Curriculum as part of the citizenship curriculum for 11 to 16 year olds.
To enable schools to plan their whole curriculum, the Department has also published
a non-statutory citizenship curriculum for Key Stages one and two, stating that by
the end of primary education pupils should be taught how to look after their money
and realise that future wants and needs may be met through saving.</p><p> </p><p>In
the primary mathematics curriculum, there is a strong emphasis on the arithmetical
knowledge that pupils should have. This knowledge is vital, as a strong understanding
of numeracy will underpin pupils’ ability to manage budgets and money. There is also
some specific content about financial education, including calculations with money.</p><p>
</p><p>Primary schools are free to include additional content on financial management
in their curricula, including working with external experts, however, the Department
does not monitor this and trusts schools to use their professional judgement and understanding
of their pupils to develop the right teaching approach for their particular context.</p><p>
</p><p>The Department does not plan to make its own assessment of the contribution
of Global Money Week to improving the provision of financial education at primary
education level but will continue to work closely with the Money and Pensions Service
and other stakeholders such as Her Majesty’s Treasury, to consider what can be gained
from such initiatives and whether there is scope to provide further support for the
teaching of financial education in schools.</p>
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