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Kids to be taught money management skills
21 Jan 2008
Scottish schoolchildren are to be taught skills in money management as part of the Scottish Government's new approach to learning, Curriculum for Excellence.
While many parents are struggling to control rising debts in the face of faltering house prices, teachers will be focusing on how to prepare children to be confident consumers of the future and so avoid the debt trap.
Pupils will be taught how to manage budgets and also reconcile that they may not always be able to afford things they want. They should be able to identify various methods of payment but be aware of the benefits and risks of each, such as rocketing interest rates, manage finances in a responsible way and then learn how to apply this to business.
The guidelines come after a UK survey by the Association of Investment Companies revealed last week that more than half of parents surveyed believe their own financial position would be healthier if they had been taught personal finance at school and 93 per cent of teachers and parents thought personal finance should be taught in schools.
Some children already receive financial education but this is the first time guidelines on what skills children should be equipped with have been presented in Scotland.