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<p>Citizenship education is part the national curriculum at key stages 3 and 4. From
September 2014 the new citizenship programmes of study included, for the first time,
a requirement for schools to prepare pupils to manage their money and make sound financial
decisions.</p><p>At key stage 3, pupils should be taught about the functions and uses
of money, the importance and practice of budgeting, and managing risk. At key stage
4, this should progress onto pupils being taught about income and expenditure, credit
and debt, insurance, savings and pensions, financial products and services, and how
public money is raised and spent.</p><p>The new mathematics programme of study also
makes clear that pupils should use formal mathematical knowledge to interpret and
solve problems, including in financial mathematics.</p>
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