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 students
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 students 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 students'
horizons for action by challenging stereotyping, discrimination and other
cultural and social barriers to choice. It helps students to aim high. Students
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. Students 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 be 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 for work-related learning and careers education at key stage
4, but there are no statutory programmes of study to cover these requirements.
In 2003 non-statutory frameworks were published for work-related learning
and for careers education. These frameworks have been used to inform the
content of this programme of study. The national frameworks and related
material on these two areas, published by QCA and the DfES, will still
be available as supporting guidance. The presentation and headings of
this programme of study follow the format of the programmes of study for
other subjects at key stage 4, 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, students 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 students:
- 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
students need to learn to make progress.
Self-awareness
Students 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
Students 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
Connections should be made between learning in different subjects of the
curriculum, between experiences at school, or in the community.
Enterprise
Students 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 in a range of contexts
- take action to improve their chances
- manage change and transition
- show leadership, management, drive and self-reliance when working on
tasks and in teams
- develop and apply approaches to action planning, working with others,
and problem solving
- understand the key attitudes for enterprise, including self-reliance,
open-mindedness, respect for evidence, pragmatism and commitment to making
a difference
- demonstrate some of the skills and qualities
for enterprise
- demonstrate knowledge and understanding of a range of economic concepts
- 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
Students should be able to:
- apply knowledge and understanding of financial matters across a range
of contexts
- manage
their money
- understand risk and reward, and how money can make money, for example,
through savings, investment and trade
- explain a range of financial terms.
Manage their money
Students 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. At key stage 4 students should learn about
financial decision-making and to use a range of financial tools and services,
including budgeting and saving in managing personal money, and about financial
implications post-16.
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
- the characteristics of employment, self-employment, unemployment and
voluntary work
- attitudes and values in relation to work and enterprise
- knowledge of opportunities in learning and work skills and qualities
in relation to employers' needs
- the concept of the labour market (local, national, European and global)
- levels and range of national qualifications and post-16 pathways
- knowledge of a range of economic concepts such as market, competition,
price, efficiency and economic growth
- understanding of how the economy functions, including the role of business
and financial services
- understanding that resources are scarce so that choices have to be made
between alternative uses
- understanding of a range of financial concepts such as money, credit,
wages and investment
- different sources of financial help and advice available to young people
- awareness of the issues and strategies for coping with financing a period
of extended study
- how businesses use finance and how to draw up a business plan
- 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 students 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.
The curriculum should provide opportunities for students to:
Curriculum opportunities
Curriculum opportunities in economic well-being provide active and practical
opportunities for the development of PLTS. 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.
- 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
- reflect on their experience of work, including work experience and part-time
jobs, to extend their understanding of work
- 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
- explore attitudes and values in relation to work
- prepare for and reflect on transitions
- review and adapt their individual learning and career plan for their
transition into the 16-19 phase
- recognise, develop and apply their skills
for enterprise and employability in a range of activities
- 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 and investment
opportunities.
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 visits, work experience, part-time jobs, 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, and information
on learning options, skills, occupations and progression routes. It should
also include information about self-employment.
Sources of images and ideas about work and enterprise
Explore sources of images and ideas about work and enterprise, for example:
- transmitted through the media and promotional channels, including
recruitment literature
- accessed through ICT
- derived from family, community, culture and society
- derived from academic studies and factual information
- as achieved through first-hand experience of people who work including
taster courses, mini-enterprise, simulations, work shadowing, visits,
visitors.
Contemporary issues
These may include equality of opportunity, health and safety, sustainable
living and ethical investment.
