St Mary's College leads the way in teaching students how to better manage their money

A Blackburn school has been highlighted for its good practice in helping to prepare students for the world of bank accounts, credit cards, pensions, insurance and mortgages, in a new report by Ofsted, the Office for Standards in Education, Children's Services and Skills.

St Mary's College in Shear Brow is one of 18 secondary schools surveyed for Ofsted's report on personal finance education. The report, 'Developing financially capable young people' shows that delivering better teaching of personal finance education in schools and colleges can equip students with the right mix of skills and attitudes to help them manage their finances sensibly.

It can also help ensure that students will benefit - rather than be excluded from - financial services when they leave education and give them the confidence to successfully navigate the financial market - from pensions to whom to bank with.

College principal Mr Kevin McMahon says:

"Sound financial management is critical for all young people as they progress into higher education and employment.

"The popularity and success of the courses on each of Level 1 to Level 3 demonstrate the College's commitment to supporting all learners in developing this essential skill."

Students in schools and colleges that are already teaching personal finance skills successfully showed a good understanding of the issues. They were able to use financial terms correctly and apply their knowledge to making financial decisions.

Students did best when teachers had a confident grasp of the subject, skilfully managed discussions, used outside sources of information effectively and set tasks that engaged students according to their age and ability.

The main barriers to developing personal finance education were pressures on curriculum time; teachers' lack of subject knowledge and expertise in the area; a lack of awareness of available resources or other forms of support for the subject and the very wide variation in the nature of post-16 provision.

NOTES TO EDITORS 1 Developing financially capable young people is available on the Ofsted website today at: http://www.ofsted.gov.uk.

2 The report is based on visits made by her Majesty's Inspectors between April 2006 and April 2007 to 18 secondary schools, two pupil referral units and two sixth form colleges.

3 The institutions selected were ones where Ofsted's own inspection evidence or suggestions from the Personal Finance Education Group (pfeg), the IFS School of Finance or the Specialist Schools and Academies Trust, indicated that inspectors might see aspects of good practice in PFE.

4 The report also draws on evidence gathered through Ofsted's programme of inspections in business education in schools and colleges during 2006 and 2007 and refers to findings from recent surveys carried out by other organisations.

5 The government made a commitment in 2005 to include aspects of PFE in full in GCSE mathematics from 2010

6 In July 2007, government announced the introduction of a new curriculum area called economic well-being and financial capability for all secondary school students for 11- 16 year olds from September 2008.

7 Additional funding of £11.5 million is to be made available to support personal finance education in primary and secondary schools for three years from September 2008

Issued on behalf of Ofsted by GNN North West.

Client ref Ofsted/NW/024/08