Learning and undertaking activities in economic well being contribute to
achievement of the curriculum aims for all young people to become:
- successful learners who enjoy learning, make progress and achieve
- confident individuals who are able to live safe, healthy and fulfilling
lives
- responsible citizens who make a positive contribution to society.
The importance of economic
well-being
Education for economic well-being is concerned with equipping pupils with
the knowledge, skills and attributes to make the most of rapidly changing
opportunities in learning and work. Through their learning and experiences
inside and outside school pupils begin to understand the nature of the world
of work, the diversity and function of business, and its contribution to
national prosperity. It improves motivation by helping them see the relevance
of their learning in school to their future lives. It expands pupils' horizons
for action by challenging stereotyping, discrimination and other cultural
and social barriers to choice. It helps pupils to aim high. Pupils build
a positive and realistic view of their needs and capabilities so that they
can make effective learning plans, decisions and transitions. They become
aware of changing career opportunities in the labour market and develop
the knowledge and skills to make informed decisions about which courses
to take in the 14-19 phase. Pupils learn to be enterprising. They develop
the ability to handle uncertainty and respond positively to change, to create
and implement new ideas and ways of doing things. They learn how to make
reasonable risk/reward assessments and act upon them, and develop a 'can-do'
attitude and the drive to make ideas happen. They develop their ability
to informed and critical consumers of financial services and to manage their
finances effectively.
Economic well-being
This non-statutory programme of study for economic well-being brings together
careers education, work-related learning, enterprise and financial capability
and the fifth outcome of Every Child Matters. Schools are legally required
to provide a programme of careers education at key stage 3, but there
is no statutory programme of study to cover this requirement. In 2003
the Department for Education and Skills published a non-statutory national
framework for careers education, which has been used to inform the content
of this programme of study. The national framework and related material
will still be available as supporting guidance for planning careers education.
The presentation and headings of this programme of study follow the format
of the programmes of study for other subjects at key stage 3, to enable
cross-curricular planning to take place.
Key concepts
There are a number of key concepts that underpin the study of economic
well-being, pupils need to understand these concepts in order to deepen
and broaden their knowledge, skills and understanding.
Career development
- Understanding that everyone has a 'career'.
- Understanding the qualities and skills needed for employability.
- Developing the knowledge and skills to make creative and realistic plans
for their transition
into the 14-19 phase of learning.
Career
Can be defined as an individual's lifelong progression through learning
and work.
Employability
Definitions of 'employability' vary, but most highlight two main ways
that individuals can realise their employment potential:
- initial preparation for employment
- active management of career development.
Employability is not just a one-off preparation for work. It is important
to be able to cope with change, and to create and seize career opportunities
after the initial entry into the world of work, so individuals need to
develop the skills to manage their continuing career development, including
transitions. Key skills for employability include the functional skills
of mathematics, English and ICT, and the personal, learning and thinking
skills (PLTS).
Transition
Transition learning involves pupils:
- having knowledge of the opportunities available to them
- understanding the consequences of not continuing with certain subjects
- understanding how to seek and secure opportunities
- having the ability to develop, review and adapt their plans.
Enterprise
- Exploring what it means to be enterprising.
- Understanding the way business
and the economy operates.
- Knowing and understanding the nature of money, and having an insight
into its functions and uses.
Enterprising
Being enterprising involves applying:
- skills - decision-making (particularly under conditions of uncertainty),
personal and social, leadership, risk management, presentational
- attitudes - self-reliance, open-mindedness, respect for evidence,
pragmatism, commitment to making a difference
- qualities - adaptability, perseverance, determination, flexibility,
creativeness, improvisation, confidence, initiative, self-confidence,
autonomy, action orientation.
Business
Includes all types of business enterprises, including large and small
enterprises, in the public and voluntary as well as the private sector.
Key processes
These are the essential skills and processes in economic well-being that
pupils need to learn to make progress.
Self-awareness
Pupils should be able to:
- develop and maintain their self-esteem and envision a positive future
for themselves
- identify major life roles and ways of managing the relationships between
them
- assess their changing needs, interests, values, skills, abilities and
attitudes
- assess the importance of their experiences and achievements.
Career exploration
Pupils should be able to:
- use a variety of different information sources efficiently and critically
- organise information to research, clarify and review choices and options
- make connections
across a range of contexts
- recognise bias and inaccuracies in information.
Connections
Should be made between learning in different subjects of the curriculum
and between experiences at school or in the community.
Enterprise
Pupils should be able to:
- describe and demonstrate the main qualities and skills needed to enter
and thrive in the working world
- assess, undertake and manage risk
- take action to improve their chances
- manage change and transition
- show drive and self-reliance when working on tasks and in teams
- develop approaches to working with others, problem solving and action
planning
- understand the key attitudes for enterprise, including self-reliance,
open-mindedness, respect for evidence, pragmatism and commitment to making
a difference
- develop and apply some of the skills and qualities
for enterprise
- demonstrate a basic knowledge and understanding of a range of economic
concepts
- demonstrate a basic knowledge and understanding of the way that businesses
manage finance
- demonstrate an understanding of the main changes happening in the world
of work
- describe the main trends
in employment and relate these to their career plans.
Enterprise
Enterprise education consists of enterprise capability, supported by financial
capability and economic and business understanding.
Enterprise capability is the ability to handle uncertainty and respond
positively to change, to create and implement new ideas and new ways of
doing things, to make reasonable risk/reward assessments and act upon
them in one's own personal and working life. It can also be described
as innovation, creativity, risk management, having a can-do approach and
the drive to make ideas happen.
Financial capability is the ability to manage one's own finances and to
become questioning and informed consumers of financial services.
Economic and business understanding is the ability to understand the business
context and make informed choices between alternative uses of scarce resources.
Qualities
These include adaptability, perseverance, determination, flexibility,
creativeness, improvisation, confidence, initiative, self-confidence,
autonomy and action orientation.
Trends
Employment trends information should be based on sound intelligence of
developments in the labour market, locally, nationally and globally.
Financial capability
Pupils should be able to:
- manage
their money
- understand risk and reward, and how money
can make money, for example, through savings, investment and trade
- explain some financial terms likely to be important in their personal
and working lives.
Manage their money
Pupils need the skill to manage their money in a range of situations.
Financial contexts should include personal situations as well as situations
beyond their immediate control.
Money
At key stage 3 pupils should learn about what influences how people spend
money and how to become competent at managing personal money in a range
of situations, including those beyond their immediate experience.
Range and content
This section outlines the breadth of the subject on which teachers should
draw when teaching the key concepts and key processes.
The study of economic well-being should include:
- different types of work, including employment, self-employment and voluntary
work
- work roles and identities
- rights
and responsibilities at work
- different types of businesses
- attitudes and values in relation to work and enterprise
- knowledge of opportunities in learning and work
- the concept of the labour market (local, national, European and global)
- levels and range of national qualifications and 14-19 pathways
- basic knowledge of a range of economic concepts such as market, competition
and price
- basic understanding of a range of financial concepts such as money,
credit and investment
- how businesses use finance
- the role of taxation
- personal budgeting, money management and debt
- understanding of risk and reward, and how money can make money, for
example through savings, investment and trade
- the finances of local and national government and the economic implications
of the world as a global community
- the social and moral dilemmas
about the use of money.
Rights and responsibilities
This should cover the rights and responsibilities of both employers and
employees. Connections should be made with the study of rights and responsibilities
as part of the study of citizenship.
Dilemmas
Could include how the choices they make as consumers affect other people's
economies and environments.
Curriculum
opportunities
During the key stage pupils should be offered the following opportunities
that are integral to their learning and enhance their engagement with the
concepts, processes and content of the subject.
Curriculum opportunities
Curriculum opportunities in economic well-being provide active and practical
opportunities for the development of personal, learning and thinking skills.
Activities and experiences will also present opportunities to develop
learning in other curriculum subjects. It is important that the learning
outcomes for economic well-being and other subjects are clear and that
the achievement of each is checked so that the different and distinct
outcomes are not confused.
The curriculum should provide opportunities for pupils to:
- use case studies, simulations, scenarios, role play and drama to explore
economic issues and have time to reflect on them in relation to their
own lives
- show positive personal qualities, such as positive attitudes to work,
confidence, persistence
- use work as a context for learning across the curriculum
- reflect on how their learning in all subjects in the curriculum is relevant
to their economic well-being
- prepare for and reflect on transitions and make an individual learning
and career plan for their transition into the 14-19 phase
- recognise, develop and apply their skills
for enterprise and employability
- have direct and indirect contact
with people from business
- have contact with careers guidance specialists
- engage with ideas, challenges
and applications from the business world
- investigate opportunities
in learning and work
- explore sources of images and ideas about work and enterprise in individual
and group activities
- discuss contemporary
issues in work
- explore a range of financial products, including savings schemes.
Skills for enterprise and employability
These include:
- functional skills of English, mathematics and ICT
- working with others, independent enquiry, self-management, innovation
and creativity
- problem solving
- risk taking and risk management, reflective thinking, personal financial
management.
Contact with people from business
Direct contact with people from business could include work-based activities
(eg work visits, work shadowing and work-based projects) and school-based
activities (eg enterprise activity, work simulations, talks, careers fairs).
It may also include indirect contact, such as working with case-study
material and multimedia resources.
Challenges
Business challenges may include an enterprise or problem-solving activity.
Opportunities in learning and work
These should include up-to-date labour market information, showing the
diversity of local and national employment opportunities, self-employment
and information on learning options, skills, occupations and progression
routes.
Contemporary issues
These may include equality of opportunity, health and safety, sustainable
living, ethical investment.
