Children will be taught how to manage their money in schools for the first time in England, after financial education was included in the final version of the national curriculum.
The detail was published last night by the Department for Education and includes financial education in mathematics and citizenship education for secondary school pupils.
There have been further elements added since a draft curriculum earlier in the year opened to consultation, including lessons in how public money is raised and spent.
Personal finance is already taught in schools in Wales, Scotland and Northern Ireland.
In Mathematics, "financial mathematics" is emphasised for the first time. Pupils will be asked to solve problems involving percentage change and simple interest, for example.
Pupils will learn to manage their money and plan for future financial decisions in citizenship classes, which will also include lessons in financial products and how public money is raised through measures like income tax, according to the published curriculum.
The curriculum will be rolled out across all government-funded, or maintained, schools, from September 2014.
Tracey Bleakley, pfeg chief executive, said: “It is especially welcome to see the link between personal finance and public finances restored to the final programmes of study for Citizenship education.
"Tax, public spending and how these relate to personal finances are all crucial areas that young people will now learn in addition to money management.”
Justin Tomlinson MP, chair of the All Party Parliamentary Group on Financial Education for Young People, said on Twitter that it was "fantastic news".
Martin Lewis, founder of MoneySavingExpert.com, has also been among the campaigners. He called it a "boon for the country".
"However, as the national curriculum is only compulsory for around half of schools; the rest due to being free schools or academies don't need to follow it – the campaign doesn't stop here," he said.
“The next step is to ensure parents, teachers and head teachers of the other schools realise its importance and teach it as well, even though they don't have to.”
Founder of charity MyBnk Lily Lapenna said: “All of us who have fought for financial education to be accessible to all young people can celebrate today.
"The priority is now to support teachers in providing quality and focus on reaching all young people including those not in formal education and post 16.”
The ifs school of finance, another charity, questioned how effective the new curriculum would prove in teaching money management.
"The ifs School of Finance remains sceptical that dumping financial capability in Citizenship and Mathematics will deliver any meaningful change," said vice principal Alison Pask. "Citizenship is already an overcrowded subject area in which financial capability is unlikely to amount to more than a few hours a term."