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<p>Education on financial matters helps to ensure that young people are prepared to
manage their money well, make sound financial decisions and know where to seek further
information when needed.</p><p>Finance education forms part of the citizenship national
curriculum which can be taught at all Key Stages and is compulsory at key stages 3
and 4: <a href="https://www.gov.uk/national-curriculum" target="_blank">https://www.gov.uk/national-curriculum</a>.
Financial education ensures that pupils are taught the functions and uses of money,
the importance of personal budgeting, money management and managing financial risk.
At secondary school, pupils are 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 department has introduced a rigorous mathematics curriculum,
which provides young people with the knowledge and financial skills to make important
financial decisions. In the primary mathematics curriculum, there is a strong emphasis
on the essential arithmetic knowledge that pupils should be taught. This knowledge
is vital, as a strong grasp of numeracy and numbers will underpin pupils’ ability
to manage budgets and money, including, for example, using percentages. There is also
some specific content about financial education, such as calculations with money.</p><p>The
secondary mathematics curriculum develops pupils’ understanding and skills in relation
to more complex personal finance issues such as calculating loan repayments, interest
rates and compound interest.</p><p>The department works closely with the Money and
Pensions Service and other stakeholders such as Her Majesty’s Treasury, to consider
what can be discovered from other sector initiatives and whether there is scope to
provide further support for the teaching of financial education in schools.</p>
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