Pupils to Receive Lessons on Managing Money

SCHOOLCHILDREN are to be taught money management skills in a bid to tackle the growing buy-now pay-later credit culture.

Pupils will be given classes on how to manage budgets and when to realise they are unable to afford the things they want.

They will be taught various methods of payment but also warned of the benefits and risks of each, as part of the Scottish Government’s Curriculum for Excellence.

The new guidelines will see youngsters warned about the perils of rocketing interest rates, how to manage finances responsibly and how to apply their knowledge to business.

The plans come a week after a UK-wide survey revealed that more than half of parents believe their own financial position would be healthier if they had been taught personal finance at school.

The Association of Investment Companies poll also discovered that 93-per cent of teachers and parents thought pupils should be taught how to manage their money.

Schools Minister Maureen Watt said: “Numeracy is a key life skill and our children need to be confident and competent in using numbers in practical situations.

“Many adults today are having to deal with financial problems – even simply from the excesses of the festive period – and by ensuring all children receive these core messages at school, we want to equip them with the ability to avoid these financial pitfalls in the future.”

Some children already receive financial education but this is the first time guidelines on the skills children should be equipped with have been presented in Scotland.

They form part of a series of Scottish Government recommendations published yesterday on how social studies and expressive arts should be taught. Draft guidance is already under discussion with teachers on promoting numeracy across the curriculum.

The SNP administration hope the programme will bring about a more “holistic” approach to education.

Ms Watt claimed the recommendations are aimed at helping teachers make education more “relevant, exciting and engaging”. She added: “Social studies and expressive arts are important areas of the whole learning process and we are keen to receive feedback on the outcomes from professionals who will be working towards this transformation across Scottish education.

“It is vitally important that teachers read and react to these outcomes and think about how they can use this guidance to make their teaching as good as it can be.”

Liz Smith MSP, Tory children, schools and skills spokeswoman gave the initiative her backing. She highlighted recent developments at the Northern Rock bank and the High Street credit squeeze as examples of the need for a good understanding of personal finance.

Ms Smith added: “It is incumbent upon all those involved in the teaching profession to ensure there are opportunities for young people to learn about personal finance and some of the problems which can arise when they become students or start their own families.”

Originally published by Newsquest Media Group.

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