Financial capability in Wales
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.
Follow the links below for more information.
Personal and social education
Learners should be given opportunities to understand the following in personal and social education:
11-14
- the economic and ethical consequences of personal financial decision-making as a consumer eg fair trade
- how to become competent at managing personal finances and recognise that saving provides financial independence.
14-16
- 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
- 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.
Mathematics
In mathematics, learners should be given opportunities to:
11-14
- 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
- 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.
Careers and the world of work
In careers and the world of work, the learning outcomes are:
11-14
- explore the attributes of entrepreneurs and the role of enterprise in wealth creation.
14-16
- explore the role of enterprise/wealth creation and develop their own ability to act in entrepreneurial ways.
16-19
Learners should have the opportunity to:
- engage in activities that encourage an entrepreneurial approach to work and wealth creation.
