Tom Fleming (Kerry South, Independent)
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Question 50: To ask the Minister for Education and Skills as a result of successive bank bailouts, with the average amount of money now owed by every man, woman and child in this country exceeding €30,000, the reason that our schools do not teach our youth about money management; his plans to introduce compulsory financial education, money management education and personal budgeting in our schools; his views on the development and introduction of mandatory financial education for our youth; his plans to progress same; and if he will make a statement on the matter. [6950/12]

Ruairi Quinn (Dublin South East, Labour)
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The Department of Education and Skills participated in the work of the National Steering Group on Financial Education established by the Financial Regulator. The Report of the Group, Improving Financial Capability - a Multi-stakeholder Approach, was published in July 2009. The Group also developed a Financial Competency Framework which sets out a comprehensive set of learning outcomes detailing the knowledge skills and competences a financially competent person should have at different stages of their lives. This can be used as an important resource for those developing educational materials for young people and adults in the field of financial literacy. The learning outcomes cover Levels 1 to 4 of the National Framework of Qualifications. Aspects of financial literacy are included in the curriculum at present in such areas as Mathematics, Home Economics, Economics, Business and Accounting, Enterprise Education and the Mathematical Applications within the Leaving Certificate Applied Programme. The programmes cover computational skills, using appropriate tools to estimate and measure, to compare value for money, to calculate prices, compound interest, profit and loss, discount, VAT, PRSI, income tax, domestic bills and charges, recording and interpreting financial data, converting into other currencies and solving problems. Consumer studies, money and banking, housing finance, credit and insurance are also covered. These areas will be further strengthened to the extent possible in line with ongoing curriculum reform. In addition, Ireland has participated in the EU Dolceta programme designed to provide on- line education resources for financial literacy and consumer education.

Get Smart with Your Money has been developed by the Financial Regulator as a specific resource for use within Transition Year. In addition, the National Adult Literacy Agency working in collaboration with the Educational Building Society, has developed a website www.makingcents.ie to help adults learn more about money and financial matters.