Stand-alone classes for personal finance are more effective than blending the topic into math or other classes--at least in the United Kingdom. Developing financially capable young people, from the UK Office for Standards in Education, shows that providing personal finance education in schools can have a significant and lasting impact on student's future prosperity. It can help students make informed and confident decisions when navigating the financial market - from pensions to whom to bank with. It can also help ensure young people benefit - rather than be excluded - from financial services in the future.

However, though the government, head teachers, students and financial institutions all think personal finance education is important, enthusiasm has not always translated into effective practice.

The provision of personal finance curriculum varies widely. In fact, three quarters of schools did not have systems in place to monitor students' progress in developing financial capability. The report attributed that, in part, to the 'non-statutory nature' of the matter which led to it falling further down the priority scale.

The report also praised curriculum from the ifs School of Finance, which believes the best way to reinforce this educational need is through introducing an element of personal finance to all teacher training.

Sources: Ofsted, Developing financially capable young people; Mortgage Introducer, Ofsted report praises accredited studies