The Oak National Academy – an arm’s length body to help schools deliver curriculum content – has launched a package of teaching materials for more than 80 financial education lessons to help pupils understand budgeting, borrowing and online spending.
Some of the lesson materials – which are designed for Year 4 pupils who are aged between 8 and 9 – will show how easy it is to spend real money on special features of online games such as “loot boxes”, and they will aim to help children understand the risks of these in-game purchases.
The curriculum materials for financial education in schools feature a range of challenges to equip children with the knowledge and skills they need to manage money sensibly both on and offline.
Teachers will be able to introduce primary school pupils to credit and debit cards, and help them understand the tactics advertisers use to persuade us to buy things and how to keep money safe.
It comes as the interim report of the independent curriculum and assessment review said last month that it had heard consistently from young people and their parents that they wanted “more focus on the applied knowledge and skills that will equip them for later life and work” – such as financial education.
Classroom resources for secondary school teachers will help pupils to identify and scrutinise data and claims made by online influencers and work out whether the figures are accurate.
They will also introduce pupils to concepts such as inflation, personal risk, cryptocurrency and investing, and lessons will help them to interpret important financial documents like bank statements and payslips.
The Oak National Academy, which is a publicly-funded creator of optional curriculum resources for schools in England, will roll out the teaching resources for pupils aged five to 16 to schools by summer.
In March last year, consumer champion Martin Lewis suggested that introducing financial education to the national curriculum in England was “counterproductive” as schools lacked the resources to deliver it.
Earlier this year, MPs used a Commons debate to call for children to receive “effective” financial education at school and they suggested the topic could be weaved into existing subjects.
John Roberts, interim chief executive of Oak National Academy, said: “We’ve got to make sure young people leave school with the fundamental knowledge and skills they need to navigate life in the complexities of the modern world.
“Oak’s new financial education resources are designed to help schools introduce pupils to core financial concepts from the age of five and frame them in contexts they understand and can relate to.
“By giving teachers the tools to provide well-sequenced, engaging financial learning, we can make sure it resonates with children to support them through adulthood.”
Pepe Di’Iasio, general secretary of the Association of School and College Leaders (ASCL), said: “It is great to see these resources addressing real-world issues like in-game purchases, and we’re sure this will be welcomed by parents and teachers alike.
“There’s a strong case for more financial education in the curriculum in general but we must be mindful of not further overloading an already packed school day.
“We know that the curriculum and assessment review team recognise the importance of getting this balance right and we look forward to their recommendations in the autumn.”
Sarah Hannafin, head of policy at school leaders’ union NAHT, said: “Schools recognise that financial education is vital to prepare children for the opportunities and responsibilities of adulthood.
“It helps to build children’s confidence and supports their mental health and wellbeing, as well as providing them with the skills to recognise and avoid harm caused by everything from in-game purchases and online exploitation, to scams and gambling.
“Schools need sufficient curriculum time and freely available high-quality resources to further support children and young people to develop their understanding of financial issues.
“Online platforms also need to step up to the plate, however, by strengthening age verification procedures, improving monitoring, providing clearer functions for reporting concerns, and introducing more transparent codes of conduct setting out the implications of misuse.”