The publication of the new draft National Curriculum for England sees financial education embedded in both mathematics and Citizenship education.

This means financial capability would be a statutory part of the curriculum for the first time.

Nationwide Building Society praised the decision, which came as part of a shake-up announced by education secretary Michael Gove (pictured) yesterday.

“This is a fantastic development,” said Stephen Uden, head of citizenship at Nationwide. “By making financial education a part of the National Curriculum, we are making a crucial step towards raising the level of financial literacy in this country.

“At Nationwide, we have always believed that having financial awareness at an early age is an essential skill in its own right and important to developing broader numeracy, which is why we developed Nationwide Education, a resource for teachers and parents, designed to help teach children and young people about important issues including money. So we are delighted that this subject will now be taught to young people in our schools.”