It demonstrated that financial education, when taught as part of other subjects such as Maths or in generalised personal, social and heath classes, was less effective than when taught independently of any other subject.
Ofsted's report praised the ifs School of Finance for its accredited courses which were found to be highly valued by students, and which gave them 'the most comprehensive understanding' of financial matters.
Laying the facts bare, the report stated: 'The government, head teachers, students and financial institutions all think personal finance education is important. However, enthusiasm has not always translated into effective practice and provision in schools and colleges varies in quality.”
Indeed it was found that three quarters of schools did not have systems in place to monitor students’ progress in developing financial capability, partly due to the 'non-statutory nature' of the matter which led to it falling further down the priority scale.
According to the report, measures which were found to boost a school's league tables, such as the ifs' GCSE-equivalent courses, are lent a greater weight by the government
The ifs School of Finance believes the best way to reinforce this educational need is through introducing an element of personal finance to all teacher training.
Anne Kiem, director of external affairs at the ifs School of Finance, said: “This Ofsted report comprehensively backs the views we have been expressing for years i.e. that spreading personal finance thinly across the curriculum is far less effective than a standalone course, that maths is not the right place for personal finance to be taught and that a great deal more needs to be done to equip teachers with the skills and confidence to teach personal finance.
"We very much hope that the government properly considers the findings of this report and looks again at adding a standalone qualification in personal finance to the core school curriculum."
