The Bank of England supports the willingness to bring more economics teachers into state schools as it has become clear that young people from underprivileged backgrounds are least likely to study subjects.
The scheme, which targeted students in the northwest England in their first year, aims to overcome the enormous shortage of teachers across the state sector with skills in teaching economics.
The central bank said economics is taught as an A-level subject in more than half of UK non-selective state schools last year, but 90% of elective schools and 82% of private schools.
Students from underprivileged backgrounds were half-potential to obtain GCSE in Economics, similar to GCSEs in more privileged households that were classified as enrolled in free school lunches at some point in the six years before sitting on the exam.
To overcome the disparity, secondary school teachers are provided with training to provide A-level economics education along with the core.
“Economics is an increasingly popular subject, but it is not available to young people who are well-established in a variety of backgrounds,” said Claire Lombardeli, who studied economics at the sixth-form university in Stockport and is now a lieutenant governor of the bank.
“Economics qualifications can be a gateway for young people to a very rewarding career, both intellectually and professionally, which also helps people to better understand how money works.
A bank survey by FFT Education Datalab found that students in London schools are more likely to study economics than twice as much as students in northwest England.
It also found that schools have struggled to recruit staff to replace people close to retirement, despite a 60% increase in the number of students enrolled in A-level economics classes since 2012.
The school’s economics and business sectors achieved only 15% of the teacher recruitment targets for 2024-25, but averaged 62% across all subjects.
The bank said the financial support provided in collaboration with the University of Manchester also aims to encourage more women to enter the economics profession.
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According to the report, approximately 70% of people studying economics at school and undergraduate levels are male, with a percentage that has not changed since 2012.
It was also found that students from Asian backgrounds are most strongly expressed, with 4.1% of students earning 3.3% from Indian backgrounds, and 3% from Chinese backgrounds and 3% from Bangladeshi backgrounds.
The three-year programme will begin in September by funding a training programme for 25 teachers in the Northwest. The following year’s expansion to 50 teachers will also include Yorkshire and the Northeast.
“They’re a great opportunity to develop their own business,” said Galle Taylor, director of professional development for the Association of Economics, Business and Enterprises, which represents economics teachers.
“This much-needed new program is an exciting and highly welcome development that will allow more schools and universities to provide the economy.”