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National Curriculum

Economic wellbeing and financial capability and the national curriculum aims

Economic wellbeing and financial capability has a distinctive contribution to make to the aims of the national curriculum. The economic wellbeing and financial capability programme of study provides opportunities to plan sequences of work, learning outcomes and teaching approaches that develop:

Successful learners

The aim of developing successful learners who are literate, communicate well in a range of ways, have enquiring minds, and learn independently and collaboratively is at the heart of the programme of study for economic wellbeing and financial capability. These essential learning skills are developed through the key processes of enterprise, self-development, exploration, financial capability and an appreciation of underpinning economic principles.

As they develop their understanding of the nature of economic wellbeing, students ask and answer important questions, evaluate evidence, identify and analyse different interpretations of relevant situations, and learn how to substantiate their arguments and judgements.

Developing an understanding of the concepts and processes which contribute to economic wellbeing and financial capability gives students the opportunity to engage with a range of complex issues, and provides a rich and varied context through which they develop many of the skills essential to becoming successful learners.

Students learn about and experience a range of ideas that will help them to develop enterprising attitudes, to make decisions about transition to further learning and work, and to evaluate economic alternatives in their personal and working lives. The combination of enterprise and financial capability enables students to develop a ‘can-do’ approach to all aspects of their lives and provides the skills needed to analyse and evaluate alternative pathways through life.

Confident individuals

The curriculum aims to develop confident learners who have a sense of self-worth, make informed choices, become increasingly independent, are open to the excitement and inspiration offered by the enterprise of others and have the potential to develop their own.

Economic wellbeing and financial capability stimulates an interest in and engagement with students’ current and future roles and their relationship with the wider economy. The combination of enterprise, work-related learning and financial capability gives learners the ability to deal with uncertainty and to take calculated risks. Analytical and evaluative skills are developed through a wide range of activities that place students in real and simulated situations where they have to make decisions based on available evidence.

Active involvement in activities designed to develop economic wellbeing and financial capability assists the development of self-confidence, and therefore helps young people to present themselves more effectively and to believe in their own ability to achieve.

The combination of knowledge and skills taught in economic wellbeing and financial capability fires an excitement that is often exhibited through the initiative and skill that students demonstrate in work-related activities such as business simulations and enterprise activities.

Students learn to respond with confidence, developing coherent and substantiated arguments. Participation in group discussion, and the increasing use of a range of different media for presenting their work, help students to develop confidence when performing and to appreciate the value of working with others.

Responsible citizens

Economic wellbeing and financial capability prepares students for future life as active and responsible citizens. The subject equips students with knowledge and skills that are valued in adult life, enhances their employability, and develops their ability to take part in a democratic society, encouraging them to question what they are told on the basis of evidence. Economic wellbeing and financial capability also encourages understanding of the way the economy works in local, national and global contexts.

The knowledge and skills developed in economic wellbeing and financial capability give students opportunities to investigate questions relating to their roles as consumers, producers and citizens. Awareness of the social and moral dilemmas that arise from the use of money leads students to question their own activities as well as those of others.

In addressing these questions, students develop a better understanding of some of the key issues concerning the world today, which in turn helps them to appreciate the importance of making a positive contribution to the communities in which they live.

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See also

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