Paying for It aims to go beyond financial capability and develop young people’s economic awareness.
What is economic awareness?
Economic awareness describes individuals’ knowledge, understanding and perceptions of the economy. In particular, it looks at how the nation’s economy works, how central government shapes it, how it impacts on society and how individuals’ decisions impact on it.
Economic awareness can be addressed at secondary level through citizenship, PSHEe and modern studies curricula. It differs from the traditional economics with its focus on theory as it encourages and supports young people to develop and express opinions on the big economic decisions that will shape their future.
Why is it important?
The financial crisis has highlighted how the economy is inextricably woven into the fabric of our society, determining the quality of our lives, influencing our choices, shaping elections, creating jobs and generating wealth.
Citizens who understand how the economy works understand how the government raises money, what it is spent on and why. They are better placed to make informed decisions about how public money should be spent, are able to consider the consequences of spending decisions and are equipped to hold their government to account.
Stay up to date on news, views and our work promoting economic awareness education here and in the news section.