The decline in the number of students taking Citizenship at GCSE and A-level is a major concern for the effectiveness of financial education, warns ifs University College.
The figures, published by Ofqual, reveal that the number of students taking Citizenship has fallen by 50 per cent over the past year, with Chief Regulator Glenys Stacey saying the decline had been “quite exceptional”.
But with Citizenship being one of the main channels for the delivery of financial education, ifs University College, a financial education specialist, has warned that many students will now be leaving school or college without receiving any form of financial education.
Alison Pask, Vice Principal at ifs University College, said:
“Financial education is a vital life skill for life in modern Britain and its inclusion within the National Curriculum last September was welcomed by schools and colleges who recognised it as such.
“At a time when young people are moving on to the next stages of their lives and facing important financial decisions, it is imperative they are given the skills to become financially confident. But sadly, as these figures show, with fewer students now taking Citizenship, many more will be leaving formal education without a basic grasp of how to manage their own money, which will lead to unpredictable futures.
“ifs University College, alongside many other organisations, warned that financial education shouldn’t be included within the curriculum merely as a “box-ticking” exercise. With the publication of these figures, it seems our concerns have been vindicated.”
For more information about financial education, please visit: http://www.ifslearning.ac.uk/financial-capability/young-persons'-money-index