The Bank of England is supporting the drivers of incorporating more economics teachers into state schools, as a report shows that young people from unfavorable backgrounds are the least likely to study the topic.

The program will target students in northwest England, aiming to overcome the huge shortages in the entire national sector and to teach economics skills.

The central bank said that only more than half of non-selective state schools in England last year, economics was taught on a Class A topic, while 90% were selective and 82% were private schools.

The possibility of students from disadvantaged backgrounds occupying the Economics GCSE is from the more privileged family of Economics GCSE, where disadvantages are classified as registering for free school meals sometime in the six years before the exam.

To overcome the differences, secondary teachers will be provided with training to provide A-level economics teaching along with their core topics.

Clare Lombardelli, who studies economics at the Sixth Academy in Stockport and is now the bank’s lieutenant governor, said: “Economics is an increasingly popular discipline. But among young people of all backgrounds, this is not yet available to enough young people.

“Economics qualifications can be a gateway for young people to pursue highly rewarding careers – both intellectually and professionally. This also gives people a better understanding of how money works, a crucial life skill that can benefit us all.”

FFT Education Datalab's study of banks found that students in London were twice as likely to learn economics as students in northwest England.

It also found that despite a 60% increase in the number of students attending Class A Economics classes since 2012, schools are still working to recruit employees to replace those who are about to retire.

According to the report, the school’s economics and business sectors have recruited only 15% of the target number in 2024-25, while the average of all subjects is 62%.

The bank said financial support provided in partnership with the University of Manchester will also encourage more women to enter the economics major.

The report says about 70% of those who study economics in schools and undergraduates are male, a percentage that has not changed since 2012.

It also found that students from Asian backgrounds are most powerfully represented, with 4.1% of students coming from Indian backgrounds GCSE Economics, Chinese backgrounds from 3.3%, Bangladeshi backgrounds from 3%, while that is 0.6% of students, while white UK backgrounds are 0.6%, and white and black white and black Caribbean backgrounds are 0.7%.

The three-year program will begin in September to provide funding training programs for 25 teachers in the Northwest. The following year the expansion of 50 teachers will also include Yorkshire and the Northeast.

Gareth Taylor, head of professional development at the Economics, Business and Business Association, representing the economics teacher, said: “There is clear evidence that the shortage and inequality of teachers with knowledge and skills in teaching economics affects the life opportunities of young people.

“This much-needed new plan will enable more schools and universities to provide economics, which is an exciting and very welcome development.”