The ifs School of Finance, a financial education charity, has welcomed the Shadow Chancellor's announcement today that if elected to Government, financial education will be taught to all 11 - 18 year olds.
George Osbourne said, "The ifs School of Finance and others are doing excellent work to increase financial literacy. But government could and should be doing much more to promote financial literacy teaching in our schools."
He went on to state that if elected financial literacy would be taught in schools between the ages of 11 and 18.
Anne Kiem, Head of External Affairs at the ifs, said, "We welcome the Conservatives announcement today about tackling the huge problem of financial incapability across the UK.
We would hope that as these plans develop, the Conservatives will ensure financial education is a dedicated standalone subject, rather than being bolted on to another subject such as maths or citizenship as the current Government intend."
An independent study by the University of Manchester, released last week, backs up the ifs School of Finance view. It states "There is already evidence that a specifically designated course where students know that its total aims relate to areas of financial management is more effective than courses which cover a wide range of areas. This view would appear to be supported by our study."
The ifs School of Finance is the only organisation currently offering GCSE, AS and A level equivalent qualifications in personal finance - with approximately 6,400 students taking such courses.
The University of Manchester report included research confirming that 95% of students were better able to manage their finances as a result of taking the ifs course.
Anne Kiem concluded, "Today's announcement is a very positive first step and we hope this will be backed up with confirmation that financial literacy will be taught as a dedicated subject."
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