In today’s rapidly evolving global economy, economic literacy is more important than ever. Yet, in England, economic education within the secondary school curriculum remains inconsistent and underdeveloped. This policy paper, explores how we can transform economic education within the PSHE education framework.
The paper makes the case for making economic education a statutory component of PSHE, developing a standardised economic curriculum, and integrating specialised training for teachers. We offer useful, effective ideas for enhancing economic literacy among secondary school students in England.
The Need for Economic Education in Schools
Economic education is essential not only for personal financial well-being but also for fostering informed citizenship and contributing to economic stability. The paper examines the current gaps in PSHE and presents compelling reasons why economic education should be a statutory part of the curriculum.
Economic Literacy vs Financial Literacy
We emphasise distinction between economic literacy and financial literacy, underscoring the broader impact of economic education. While financial literacy focuses on managing personal finances—such as budgeting, saving, and understanding credit—economic literacy goes further, equipping individuals with the knowledge of how economies operate, the role of government, market dynamics, and the impact of economic policies on society. We aim to prepare students not only for financial responsibility but also for active engagement in the complex economic decisions that shape their lives and communities.
Proposals for Policy Reform
The paper outlines three key policy proposals: making economic education mandatory in PSHE, creating a standardised curriculum that covers key economic principles, and providing targeted teacher training to ensure effective delivery.
As the world becomes more interconnected and economically complex, the ability to understand and navigate economic issues is critical people. This paper highlights the gaps in current education policy and offers actionable recommendations to improve economic literacy across the nation. Implementing these recommendations will ensure future generations are better equipped to make informed decisions, both in their personal finances and as active participants in the economy.
Policy Recommendations
Statutory Economic Education
Mandating economic education as part of the PSHE curriculum, ensuring that all students receive essential economic knowledge.
Standardised Economic Curriculum
Developing a consistent, high-quality curriculum that covers critical economic principles, such as supply and demand, budgeting, entrepreneurship, and the role of government.
Economic Teacher Training
Integrating economic education into Initial Teacher Training (ITT) programs, providing educators with the knowledge and skills they need to deliver this subject effectively.
Download the Full Report
Click below to download the full report and explore the detailed analysis and policy recommendations that will help shape the future of economic education in England.
Upcoming Research and Next Steps
This paper is part of a broader research initiative aimed at improving economic literacy. In the coming months, we will be releasing three additional papers that build on the policy recommendations outlined here, focusing on the following areas:
- Making Economic Education Statutory
A deep dive into the legislative framework required to integrate economic education into the national curriculum. - Developing a Standardised Economic Curriculum
Practical insights into designing a comprehensive and effective economic education syllabus. - Economic Teacher Training
A closer look at the role of teacher training in ensuring high-quality economic education delivery.
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