Education, Education, Education, and Money

Here we are in the second decade of the 21^st Century, in a free and peaceful society: the UK has never been so civilised.  We are blessed with a fantastic, free education for everybody up to the age of 18; but what do we really mean by education? What is it for and what should our children be learning in school?

The Government decides what is taught in our schools: we have a National Curriculum, but even that is subject to constant criticism and change.  In a civilised society continually striving to progress and improve standards it is right that questions are raised about the quality of our schools, and that there is a healthy public debate about the right way to educate our children and young people.  Times change, and what was right back in the 20th century is not necessarily right today.

At Arcturus we are dedicated to helping our customers achieve excellence in payment and financial systems, and we know that financial education and awareness is fundamental to this.  We believe that young people should start learning about finances as early as possible. This kind of education is not only for aspiring bankers and stock brokers. By the time our children reach their mid teenage years they will be faced with making decisions about their future which will impact on their entire adult life.

For example, to go university or not to go?  Today the wrong decision means much more than just ending up with the wrong qualifications; it could also result in a massive financial burden.  With tuition fees of 9,000 per annum pretty much standard at British universities now, Higher Education is a major investment, not just in time and effort, but in cold hard cash. Our brightest young people can now expect to come out of university with a debt of between £30,000 – £40,000 as well as a degree.

It is encouraging to hear that the British Government shares our concerns, and is taking the issue of financial literacy seriously enough to include it in the new National Curriculum.  According to the draft of the new curriculum, financial education will in future be embedded in both mathematics and in citizenship education, becoming a statutory part of the British educational system for the first time.

 Tracey Bleakly, Chief Executive of the PFEG (Personal Finance Education Group) greeted the publication of the draft of the new curriculum as a huge victory for the campaign for financial education in schools, saying:

 With financial mathematics included as a part of maths and financial capability included in citizenship education for the first time, the campaign has achieved both of its objectives.  We are delighted that Ministers have listened on both fronts.

Financial education is an idea whose time has come.  The campaign has been supported by teachers, parents, young people and more than 250 MPs and Peers of all parties.  Today’s news is a big leap forward for our ultimate goal of ensuring that financial education is taught in every school in the UK.

Under the new system Primary School pupils aged seven to eleven will be taught the importance of personal budgeting, how to manage their own money, and be introduced to a range of financial products and services.  Older students can expect to learn about wages, taxes, credit, debt, financial risk and a range of more sophisticated financial products and services, as part of the existing citizenship program.

 More resources on Financial Literacy                                                

·        Link to Blog Posting ‘Financial Literacy’ on the Banking Reform Bulletin

·        Website of the PFEG (Personal Finance Education Group) the UK’s leading financial education charity.