pfeg - Developing financial capability in young people

As a resource provider, today’s young people rely on your input to teach them how to manage their money so that they can participate fully in society. pfeg supports the development and choice of suitable and effective material for teaching financial capability to young people, from reception class through to school leavers, through our pfeg Quality Mark accreditation system.

We award the Quality Mark to financial education teaching resources that meet the high standards set out in our code of practice. pfeg Quality Mark is awarded to resources that:

are accurate and up-to-date
match curriculum requirements
are easily available, adaptable and often free
cover an appropriate range of financial topics
have been developed in partnership with teachers and tested in schools

Read our Quality Mark leaflet, or download a booklet for Resource Providers.

This code of practice identifies the standards required for a resource to gain the pfeg Quality Mark (recognition as a recommended resource).

A. Summary of agreement to which providers agree to adhere, and on which pfeg will base the Quality Mark assessment.

B. Essential criteria setting out the required characteristics of a resource. These standards consist of a core of essential criteria that will be the minimum standard that a resource should meet to be of good educational quality.

C. Recommendations for good practice Providers will be expected to demonstrate a commitment to meeting the standards defined as good practice.

A. Summary of Agreement

1. Providers agree to ensure that the resource is developed in partnership with teachers and tested and trialled in schools.

2. Providers agree to emphasise the educational benefits of the resource materials, and not to promote branded products or services to pupils or students through the resource or to play on children's or parents' fears.

3. Providers agree to inform pfeg at the earliest opportunity of any changes to the availability of the resource so that pfeg can keep teachers informed through its website and other methods.

4. Providers agree to review resources at regular intervals, at least every two years unless legislative or regulatory changes necessitate more frequent reviews. Websites should be reviewed at least every twelve months. Resources will be removed from the pfeg Quality Mark directory if they are found to be inaccurate.

5. Resources and activities should comply with all current statutory codes of conduct and practice and all current and appropriate law.

6. Providers agree to ensure that published resources are accurate both arithmetically and grammatically.

B. Essential criteria

Resources are required to meet the essential criteria as follows:

1. Description and labelling

The resource should be clearly marked with:

Title
Date of publication
Edition/version number if relevant
Age range / year group / Key Stage
Contact details

The resource should include:

A statement outlining the overall topic focus, and aims, of the resource
Details of potential learning outcomes for pupils
Details of how it can be used effectively in conjunction with UK Curricula
A statement outlining its effectiveness in addressing any areas of these curricula. If relevant this might include information pertaining to subject, key skills, thinking skills, vocational skills, or any literacy or numeracy strategies it best befits
Any recommended prior knowledge, attainment or experience that teachers will need in order to be able to deliver lessons using the resource

The resource should not include:

Explicit encouragement to buy branded or own brand products or services
Merchandising slogans or logos, other than the logo used solely for sponsor identification
Purely promotional material
Claims that particular products or services are superior or inferior to others, unless they are based on documentary evidence and presented fairly and clearly
Illustrations or text that imply that particular products or suppliers are the only ones available in their class or group

2. Education value and curriculum relevance

The resource should clearly state:

Geographical area covered if relevant
The area of the curriculum addressed in each geographical area as appropriate:

Literacy and numeracy strategies, key skills and thinking skills
Financial capability largely through PSHE, Citizenship and Enterprise as set out in the DfES Guidance and QCA Guidance for PSHE, Citizenship and Work Related Learning and functional mathematics

5-14 guidelines
Financial capability including financial understanding, financial competence, financial responsibility, financial enterprise

Learning for life and work
Mathematics - financial capability
Economic awareness cross-curricular theme

PSE particularly the vocational and community themes; Global Citizenship
Work Related Education (WRE)
Learning Pathways Key Skills (14-19)

See the curriculum section for more details.

3. Consultation and testing

Young people should play a key role in the development and testing of the resource. Accordingly, materials and activities should:

Be developed in partnership with teachers and, where appropriate, with advice from parents, educationalists and others
Tested for educational value with a range of pupils in the target group

4. Practical teaching value

The resource should include teachers' notes or lesson plans activities
Resources should indicate opportunities for assessment
Resources must provide guidance on presenting information and activities to those with a range of abilities and learning preferences

5. Balance and objectivity

The resource materials should:

Use up-to-date curriculum and financial information
Give a balanced view of all aspects of the topic
Present a balance and recognition of equal opportunity issues (social background, culture, race, gender, differences in abilities and disabilities)

C. Recommendations for good practice

Providers are expected to demonstrate a commitment to meeting the standards defined below as good practice. Information need not be included in the resource but providers will need to satisfy the assessment process and provide evidence that their resources meet the majority of the criteria described:

1. Description, promotion and labelling

The sponsor's logo should be appropriate for the resource, for example on the front or back cover but only on other pages if necessary for identification purposes. This is also applicable to online resources
If the sponsoring company wants to include information about itself, it would be helpful to also detail why it is sponsoring that particular resource

2. Consultation and testing

Address national / cultural variations in the education system where appropriate
Names of schools and teachers involved in the development may be included if appropriate

3. Practical teaching value

Although teachers need to feel that they can adapt resources to suit their own needs, providing guidance and ideas on how they might use the materials would be helpful
Remember that all suggested activities involving pupils should promote and meet required health and safety regulations and procedures.