The revised Welsh curriculum, being rolled out from September 2008, strengthens the role of financial literacy in three key subject areas. Aspects that relate to individual responsibilities are highlighted more fully than before in the revised framework for Personal and social education. In addition, the age range for this framework now covers 16-19 year olds for the first time. Computational aspects are enhanced and more clearly flagged in the subject orders for Mathematics at all Key Stages. Entrepreneurial responsibilities are embedded in the new framework for Careers and the world of work. Entrepreneurial activities and understanding now become an expected outcome rather than simply an example of desirable practice. The framework is extended in comparison to its predecessor to cover 11-14 year-olds.

For more detail on the requirements for financial education in Wales, see below.

7-11 year olds
Learners should be given opportunities to understand:

• money is earned through work and can buy goods and services
• the importance of looking after their money and the benefits of regular saving.

11-14 year olds
Learners should be given opportunities to understand:

• the economic and ethical consequences of personal financial decision-making as a consumer e.g. Fairtrade
• how to become competent at managing personal finances and recognise that saving provides financial independence.

14-16 year olds
Learners should be given opportunities to understand:

• their rights as consumers and their responsibilities in terms of managing a budget
• the importance of planning for their financial futures and how to access financial advice.

16-19 year olds
Learners should be given opportunities to understand:

• the relevant opportunities available to them in education, training and the world of work
• their increasing independence in terms of managing personal finances and accessing credit.

7-11 year olds
Learners should be given opportunities to:

• know and use the conventional way to record money
• find approximate solutions to, and use the four operations to solve, problems involving money
• understand a calculator display in relation to money, e.g. that a display of 21.4 (pounds) means £21.40
• be aware of other currencies.

11-14 year olds
Learners should be given opportunities to:

• understand and use the conventional way of recording money
• calculate with money and solve problems related to budgeting, saving and spending, and currency exchange rates
• interpret a calculator display in relation to money.

14-16 year olds
Learners should be given opportunities to:

• understand and use the conventional way of recording money
• calculate with money and solve problems related to budgeting, saving and spending, including currency exchange rates, profit and loss, discount, hire purchase, best buys, household bills and compound interest
• interpret a calculator display in relation to money.

11-14 year olds
Learners should have the opportunity to:

• explore the attributes of entrepreneurs and the role of enterprise in wealth creation.

14-16 year olds
Learners should have the opportunity to:

• explore the role of enterprise/wealth creation and develop their own ability to act in entrepreneurial ways.

16-19 year olds
Learners should have the opportunity to:

• engage in activities that encourage an entrepreneurial approach to work and wealth creation.

For more information visit the DELLS website.