This note provides an outline of current arrangements relating to financial and enterprise education in schools, and recent reports on the quality of that education. It covers England only.Jump to full report >>
This note provides an outline of current arrangements relating to financial and enterprise education in schools. It covers England only.
In November 2016, Ofsted published Getting Ready for Work, a follow-up to Lord Young’s 2014 report, assessing how secondary schools prepare children for work, through enterprise education and work-related learning.
The report found that few of the schools visited by Ofsted were building on good enterprise education being provided in primary schools, with some school leaders reporting that enterprise education was “not a feature of their curriculum,” and that their focus was on accountability through examinations.
The report included the following key findings related to enterprise education:
The report made several recommendations, including for:
In May 2016, the All Party Parliamentary Group on Financial Education for Young People published Financial Education in Schools: Two Years On – Job Done? The report assessed developments since the introduction of statutory financial education in English secondary schools in 2014. The report stated that financial education was “patchy, inconsistent and varying in effectiveness,” and made recommendations for it to be strengthened, including that:
The Money Charity published a report on financial education in schools in September 2016, Financial education in schools: how to fix two lost years?
The report, based on a survey and interviews with teachers, argued that “the introduction of financial education to the curriculum achieved little on the ground. Nearly three quarters of the teachers we surveyed saw little or no change.”
The report also found:
The report made the following recommendation for policymakers:
Create incentives to teach students about finances - This should include at least one of:
Putting holistic financial education into the Maths curriculum
Making financial education in PSHE part of Ofsted’s common inspection framework and examining PSHE.
The report also made recommendations for schools:
Create ownership and leadership for financial education - Our conversations with teachers showed that one of the key impediments to good financial education is leadership.
Give financial education a home – It might not be obvious whether it ought to sit in Maths, Citizenship, PSHE or some mix of those, but teachers told us that the important thing is that the ownership is clear, whether the responsibility is held by a single department or shared. […]
Get outside help – Two thirds of teachers believe that staff in their schools don’t have the skills to teach financial education. This can only be solved with a mix of both training and delivery from outside experts
Financial literacy education became part ofthe National Curriculum for the first time in September 2014, as part of citizenship education in key stages 3 and 4 (ages 11-16). This required it to be taught in local authority maintained schools. Academies and free schools do not have to follow the National Curriculum.
In addition, the new mathematics curriculum is intended to ensure that young people leave school with an understanding of the skills needed for personal finance.
Enterprise education is not part of the National Curriculum. However, financial and enterprise education can also be taught as part of non-statutory Personal, Social, Health and Economic education (PSHE). Following a review of PSHE, the Coalition Government announced in March 2013 that it would remain a non-statutory subject and that no new programmes of study would be published. The Conservative Government has maintained the position that PSHE will not be made statutory. The PSHE Association, which was set up in 2006 with government funding to help raise the quality of PSHE teaching, has produced a revised programme of study for PSHE for pupils in key stages 1 to 4 (ages 5-16).
Commons Briefing papers SN06156
Author: David Foster