Ed Balls, the Secretary of State for Children, Schools and Families in England, has announced that personal, social, health and economic education (PSHE) is to become a statutory part of the national curriculum in England from 2011.
The move follows a review, led by Sir Alastair Macdonald, in March this year.
It means that, subject to the legislation being approved by Parliament, financial capability will have to be taught to all pupils in England - a situation that has never before existed.
Mr Balls's announcement follows a similar one by the Scottish Education Secretary, Fiona Hyslop, last month after research into the range and effectiveness of financial education across Scotland found that, while many schools have "excellent practices in place, provision for pupils is variable".
Ms Hyslop has asked Learning and Teaching Scotland to address the report's recommendations and produce a plan for improving financial education. This would ensure good-quality financial education was delivered to every pupil in Scotland through the new numeracy curriculum, she said.