Government's personal finance plans criticised

The ifs School of Finance has criticised the government for not giving financial education a place on the national curriculum.

The educational charity said that today's announcement by the government and the Qualifications and Curriculum Authority on reforms to secondary education in England & Wales was a missed opportunity.

Although 'economic wellbeing' was named as a new subject to ensure young people gain basic skills in personal finance, the school this will not effect the national curriculum and such changes were announced last year.

Gavin Shreeve, chief executive at the ifs School of Finance, said: "We are disappointed that today's announcement is no different to what the government previously committed to i.e. adding 'economic well being' to Personal Social Health Education (PSHE).

"The study of PSHE will remain optional and non-examinable and the economic well being component will be just one small strand of a diverse subject."

Meanwhile, the Chartered Institute of Insurance claimed that the changes were "a positive step forward".