Financial clout: AM stresses importance of fiscal education

PLAID CYMRU claimed this week that their AM Bethan Jenkin’s proposals for financial education and inclusion had been accepted by the Welsh Labour Government. The initiatives were outlined by the Minister for Communities and Tackling Poverty during a crucial debate on Jenkin’s private member’s Bill on the afternoon of Wednesday November 26 whereby Jenkins showed a short film in which 18 to 20-year-olds – Wales’ first ‘devolution generation’ – talk of their financial education experiences, and how it has directly benefitted or hindered them.

Bethan Jenkins said: “At the heart of what I wanted to do was help create a prosperous future for the people of Wales. Since a big part of the Bill concerns itself with education, I wanted the Assembly to hear from young people, which is why I made this film. It is those like them who will benefit from this raft of measures, which means that financial education and financial inclusion moves centre stage, becoming a top priority in Wales. That’s where it should be, and that’s where it is. This is what people across Wales want and need.

If we are to build a dynamic economy with a prosperous and happy workforce, financial capability must be its bedrock.” A Welsh Government spokesperson commented: “Financial education has been part of the school curriculum in Wales since 2008 and through the ‘Manage money’ element, has been a statutory requirement in the National Literacy and Numeracy Framework (LNF) for 5 to 14 yearolds since September 2013. All schools have been provided with a range of guidance materials on the implementation of the Literacy and Numeracy Framework and have also received direct training and support through the LNF National Support Programme. Financial education is also a feature of the new GCSEs in Mathematics and Mathematics – Numeracy which will be taught from September 2015. With regards to education, this Bill simply duplicates existing statutory legislation. Professor Graham Donaldson is carrying out an independent review of the broad curriculum and assessment arrangements in Wales and is expected to report at the turn of the year.”

Pembrokeshire County Council gave the detail of the provision here, saying: “A number of financial literacy programmes run in Pembrokeshire’s schools. The statutory Welsh Government Literacy and Numeracy Framework includes distinct financial literacy activities throughout. These are differentiated to support the skills development and understanding of learners as they progress through each Key Stage of their education.

Activities start in Reception classes and develop to include more complex, abstract concepts such as understanding financial risk, insurance and foreign exchange rates in Year 9. We have also encouraged the incorporation of financial literacy programmes developed by the Basic Skills Agency and other organisations to support learner engagement. Our Youth Enterprise Officer engages with learners of all ages to develop enterprise-related skills which include business planning and budgeting – these activities being showcased in the annual Enterprise Fair.

At Key Stage 4, all learners are exposed to financial literacy concepts through their GCSE mathematics courses and these are enhanced through statutory Personal and Social Development activities. In addition, learners further develop their skills through curriculum enrichment activities incorporated in the Welsh Baccalaureate which includes enterprise education. Vulnerable learners in secondary schools receive targeted support from the Youth Service to develop their competence and confidence in financial literacy.”