PSHE education
PSHE education is the main subject area with explicit content on financial capability
Personal, social, health and economic education brings together personal, social and health education, work-related learning, careers, enterprise, and financial capability.
There are two non-statutory programmes of study:
- personal wellbeing, and
- economic wellbeing and financial capability.
The economic wellbeing and financial capability (EWFC) programme of study includes the majority of the National Curriculum's explicit content on personal finance education.
However, the two programmes of study support each other. For example, pupils should learn about taking risks with money and the financial cost of having children, as well as the impact these decisions have on relationships.
The personal, social and emotional aspects of dealing with money are crucial in helping young people to shape healthy and responsible attitudes towards money.
Extracts from the EWFC programme of study
Key concepts:Career:
- understanding that everyone has a 'career' [note: (and that this will affect personal finance)]
- exploring what it means to be enterprising
- learning how to manage money and personal finances
- becoming critical consumers of goods and services
- understanding risk in both positive and negative terms
- understanding the need to manage risk in the context of financial and career choices
- taking risks and learning from mistakes
- understanding the economic and business environment
- understanding the functions and use of money.
Key processes:
Exploration:
- identify, select and use a range of information sources to research, clarify and review options and choices in career and financial contexts relevant to their needs (KS4)
- assess undertake and manage risk
- demonstrate and apply understanding of economic ideas
- manage their money
- understand financial risk and reward
- explain financial terms and products
- identify how finance will play an important part in their lives and in achieving their aspirations.
Range and content (Key Stages 3 and 4):
- personal budgeting, wages, taxes, money management, credit, debt and a range of financial products and services
- risk and reward, and how money can make money through savings
- investment and trade
- how and why businesses use finance
- social and moral dilemmas about the use of money.
Curriculum opportunities:
- use case studies, simulations, scenarios, role play and drama
- have direct and indirect contact with people from business
- engage with ideas, challenges and application from the business world
- make links between economic wellbeing and financial capability and other subjects and areas.
Review of PSHE education
In July 2011, the Department for Education launched a review of PSHE education. The review will seek to identify the core body of knowledge for PSHE education, and how schools can improve the quality of provision, in line with the review of the National Curriculum.
