In an increasingly complex world, economic literacy has become a cornerstone of informed citizenship. Understanding how economies operate, how policies shape societies, and how personal financial decisions impact our futures is a necessity. At the Economic Research Council, we are committed to enhancing economic education in UK secondary schools, ensuring that the next generation is equipped to navigate today’s economic challenges.
We are pleased to announce the release of our latest policy paper, Enhancing Economic Literacy in Secondary Education: Integrating Comprehensive Economic Education within PSHE in English Secondary Schools. This paper addresses the current gaps in economic literacy within secondary education and offers practical, research-backed recommendations aimed at ensuring that students across the UK receive a solid foundation in economic principles.
The Importance of Economic Education:
Economic education extends far beyond personal financial management. While financial literacy is crucial, a comprehensive understanding of economic principles, such as market dynamics, the role of government, and the impact of economic policies, empowers individuals to make informed decisions and engage meaningfully with societal and global issues.
Our research emphasises the need to fully integrate economic education within the PSHE curriculum. Currently, economic education is inconsistently delivered and often overshadowed by other subjects, leading to significant disparities in student knowledge and skills. This paper outlines three key recommendations to address these challenges:
- Making Economic Education Statutory: Integrating economic education as a mandatory component of PSHE in secondary schools.
- Developing a Standardised Economic Curriculum: Creating a uniform approach to economic education that ensures comprehensive, high-quality instruction in every school.
- Embedding Economic Teacher Training within the PGCE Curriculum: Equipping educators with the specialised knowledge and tools to effectively teach economics.
Looking Ahead: Our Future Research
This policy paper marks the beginning of a broader research agenda. Over the coming months, we will publish a series of papers that expand on each of these key recommendations, providing deeper insights and practical solutions to improve economic literacy across the UK.
Here’s what you can expect:
- Paper 1: Making Economic Education Statutory: This paper will explore the policy changes required to establish economic education as a statutory component of the curriculum. We will draw on international examples of successful educational reform and outline the steps needed to bring this vision to reality in the UK.
- Paper 2: Developing a Standardised Economic Curriculum: This research will focus on creating a unified economic curriculum within PSHE, exploring best practices from leading education systems and offering tailored recommendations for the UK context.
- Paper 3: Enhancing Teacher Training for Economic Education: Our third paper will delve into the critical role of teacher training, proposing ways to integrate economic education into PGCE programmes and highlighting the importance of continuous professional development.