The government wants more pupils to learn about money at school

They are enrolled on optional GCSE, AS or A-level equivalent courses devised by the ifs School of Finance educational charity.

It provides the only "stand alone" qualifications in this area.

The government has already announced plans to increase the take-up of personal finance modules within existing related subjects.

Dedicated course

More than 10,000 14-19 year olds are now gaining the skills necessary to manage their own finances and make informed financial decisions Anne Kiem, ifs School of Finance

More than 4,500 secondary school pupils are studying AS or A level equivalent courses, which have been available since 2005.

GCSE equivalent courses did not launch until last year, but have already attracted more than 5,700 students.

They cover topics such as opening and accessing accounts, budgeting and different methods of payment and their implications.

The AS and A-level equivalent courses are also designed to provide a foundation for those wishing to pursue a career in the financial services industry.

"The fact that more than 10,000 14-19 year olds are now gaining the skills necessary to manage their own finances and make informed financial decisions is clearly great news," said Anne Kiem, director of external affairs at the ifs School of Finance.

'Financial life skills'

The ifs courses are accredited by the Qualifications and Curriculum Authority (QCA), but they are an optional extra for schools.

There is no statutory provision for financial education in England, Wales and Northern Ireland.

Personal finance modules can be studied as part of existing lessons such as citizenship or, more commonly, personal social and health education (PSHE).

Schools must teach citizenship, but they do not have to include the personal finance modules.

Neither PSHE or its finance elements are compulsory, or examinable.

When it set out the new secondary school curriculum in July, the government announced it would add a new course called "economic wellbeing" to PSHE from September 2008.

Secretary of State Ed Balls said pupils will be taught "essential financial life skills" through the newly revamped PSHEE and functional maths.

'Missed opportunity'

But provision of "economic wellbeing" will remain voluntary.

The ifs says the new curriculum represents a missed opportunity.

It wants personal finance to be put on an equal footing with other subjects such as geography, history and modern foreign languages. This would make it compulsory for schools to offer it but not compulsory for all students to take it.

The charity's stance is backed by the British Bankers' Association, the Building Societies Association, and the former chief executive of the Financial Services Authority, John Tiner.