Financial literacy is going to be statutory in the new curriculum for primary schools: how is this developing, and what do ITT providers need to know/do?
The current situation
The Curriculum and Asessement Review Final Report led by Professor Becky Francis CBE, which is the first major curriculum review for ten years, states that financial literacy will be a statutory part of the new primary curriculum.
Previously the Education Select Committee Report, Delivering effective financial education, highlighted that there was “near unanimous evidence that financial education in primary schools is currently insufficient” (House of Commons Education Committee, 2024, p.3).
Currently money only exists in the statutory primary maths curriculum as part of measurement from Year 2 to Year 5. Linked to this, the development of a confident concept of number is vital for the core life skill of financial literacy.
Research agrees that learning about financial literacy needs to be engaging and practical. Dewey (1938) argued that effective learning involves pupils’ active engagement with learning embedded in a real-world environment. Amagir et al. (2018) found that experiential pedagogical approaches supported pupils translating ideas into practical actions.
Using real-life contexts for aspects of money could be word problems, role playing scenarios, as well as experiential learning activities relating to earning, spending and saving.
What do we cover in primary?
There are no statutory requirements as yet for primary schools. Pupils often learn about the notes and coins in school, as hands-on money experiences for children are less common now, with the widespread use of card payments.
Do the children we teach get pocket money in cash? A number of families may not be employed so children might not see paid work. Primary children need to understand the value of money and develop their awareness of financial matters.
The non-statutory Personal, Social, Health, and Economic (PSHE) education curriculum as part of economic wellbeing states that children develop attitudes to money from an early age. In Key Stage 1 and Key Stage 2 PSHE focuses on attitudes to money as well as developing confidence in dealing with spending choices and saving money.
What will be covered in the new curriculum guidelines for primary financial literacy?
Financial education is set to become compulsory for all primary school pupils in England. The new curriculum will be implemented in full from September 2028.
Pupils will learn about the purpose of money, budgeting, saving, spending and distinguishing needs from wants. It is important to customise any published curriculum materials for your school context and the children you are teaching.
Parental involvement is also crucial. Anders et al. (2023) suggest that it may be helpful for young people from disadvantaged backgrounds to be engaged with learning about money earlier in their lives, including through the actions of both parents and schools. There is a need to consider how financial education is provided in the primary curriculum to those from disadvantaged social backgrounds.
Are there resources available for teachers already?
Oak National Academy is already offering financial literacy resources to support teachers. In KS1 there are two units: An introduction to money, and My money and me. There are videos, slides, quizzes and worksheets available. In KS2 there are units on The purposes of money, Making money decisions, Priority spending, and Budgets and ethical spending.
There are a number of companies who also support the development of financial literacy in primary school. For example, Money Ready is a financial education charity which believes that the language of money is a language for life, and they offers School age programmes. RedSTART has recently joined Money Ready and primary schools can access free workshops that are designed around interactive, fun learning experiences which also include a family challenge to discuss and complete at home.
I have taken part in some of these workshops with a number of my teacher trainees at Northumbria University. The learning opportunities were created by primary teachers and they really engaged the children in activities, games and discussions on financial matters.
Key actions/takeaways for ITT providers:
- New curriculum published in 2027 with implementation in 2028 provides time to prepare.
- Address trainees’ own knowledge of financial literacy to develop confident subject knowledge in this area.
- Explore ways that financial literacy could be integrated with other subject areas.
- Develop trainees’ ability to use real-world, meaningful contexts for financial maths – connecting to pupils’ lived experience.
- Model the cross-curricular integration you want trainees to replicate – show how financial contexts can enhance maths teaching.
Dr Sue Taylor is Assistant Professor, Mathematics Lead and Year 2 Lead in the School of Communities and Education at Northumbria University.
References:
Amagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education, 17(1), 56-80.
Anders, J. Jerrim, J. & Macmillan, L. (2023) Socio-Economic Inequality in Young People’s Financial Capabilities, British Journal of Educational Studies, 71:6.
Dewey, J. (1938) Experience and Education. New York: Kappa Delta Pi/Macmillan.
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