Financial Capability across the Curriculum

Skills and capabilities such as self-management, decision-making and personal responsibilities are important when dealing with the various financial issues we face in our lives. For example, consider the financial decisions they will face, such as choosing an appropriate mortgage or dealing with debt within a household including managing and repaying the debt, as well as the strain it can place on family members.

The teaching of financial capability promotes and encourages a number of attitudes and personal dispositions, for example, the need for ‘personal responsibility’ in the management of personal finances and ‘community spirit’ when giving to charity.  

GCSE Mathematics presents a number of opportunities for the development of pupil’s financial capability.  In both the Foundation and Higher tier specifications, pupils are required to deal with issues such as simple and compound interest, currency exchange and exchange rates, as well as credit card repayments, hire purchase agreements and general bank accounts e.g. overdrafts, interest rates, mortgages etc. 

GCSE Home Economics deals with issues such as managing personal and household budgets, influences on consumer choices and decisions, as well as consumer rights and responsibilities.

Non GCSE Learning for Life and Work

Within Learning for Life and Work financial Capability issues are considered most significantly within Personal Development. In this section young people are given the opportunity to explore how they can more effectively manage their finances. They also explore how to manage a household budget, consumer credit and debt, and consumer rights and responsibilities.

GCSE Learning for Life and Work

The personal development section of LLW focuses on developing our young people’s 'competence as discerning consumers' in preparation for independent living. It deals with issues such as the relationship between income and spending, household budgets, and credit and debt.

The newly introduced Financial Capability section is designed to give students a sound knowledge and understanding of money, financial products and services as well as risk and return. It also shows students how to manage their personal finances most effectively.

In the Finance section of the paper, young people will have the opportunity to study money in the context of a business. They will use ratio analysis to interpret financial accounts and also use management accounting techniques when making decisions.