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Last Updated: Monday, 9 July 2007, 10:36 GMT 11:36 UK
Pupils to get lessons in money
Cash machine
Pupils are to be taught the basics of personal finance
Teenagers are to be taught about how to look after their finances, in a forthcoming revision of the secondary school curriculum in England.

The money tips will come in a subject to be called "economic well-being and financial capability".

The changes will be set out by the qualifications watchdog on Thursday.

New Schools Secretary Ed Balls wants young people to be equipped with an understanding of finance topics such as debt, tax and pensions.

Mr Balls, secretary of state for Children, Schools and Families, is to begin identifying priorities for the newly-created department.

Work skills

Previously at the Treasury, Mr Balls wants young people to have skills for life and work - including an understanding of the basics of personal finance.

The plans for teaching economic well-being and financial capability are expected to be announced by the Qualifications and Curriculum Authority as part of a curriculum shake-up.

This will also include lessons about life at work - such as teaching about careers, economics and enterprise.

It is not the first time that there have been plans to teach the young about how to handle money.

Almost five years ago, a project from the former Department for Education and Skills and the Personal Finance Education Group was unveiled as putting personal finance into the curriculum.

And personal finance has been taught in some schools since 2000.

Apart from teaching pupils about the dangers of the growing "debt culture" - it will also address the problem of "financial exclusion". There are about two million adults who do not have any access to a bank account.

The geography curriculum could also receive a greener interpretation - with an additional focus on climate change and recycling.

Before the curriculum changes are presented, it is expected that earlier in the week Mr Balls will make a statement to the House of Commons, "setting out his stall" for education under Gordon Brown's premiership.

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