Welsh Government supports greater diversity in economics
The Welsh Government is supporting the work of Discover Economics – a Royal Economic Society campaign encouraging more students from under-represented groups to study economics.
The partnership was confirmed yesterday (Tuesday 25 June 2024) at an event at Cardiff Business School.
The lack of diversity in people studying economics has been identified as one of the contributing factors to the lack of diversity in people commentating and advising on fiscal issues in Wales.
To help address this, the Welsh Government has committed £5,000 to support the work of Discover Economics. This work aims to broaden the appeal of economics to more students from under-represented groups; and change their perceptions of economics and economists.
Throughout the year, Welsh Government economists will take part in several outreach workshops in schools; and undergraduate events with Cardiff University, Cardiff Metropolitan University, and Bangor University, promoting economics as a career choice.
The new partnership also sees the addition of a Welsh category to the annual Young Economist of the Year Competition run by Discover Economics.
The competition encourages Year 10 to Year 13 students to come up with their own ideas to address economic problems facing the UK and the world today.
It is open for entries, and students have until 23.59 (BST) on 12th July 2024 to submit their application. Winners in the new Welsh category will be announced in the Autumn.
Cabinet Secretary for Finance, Constitution and Cabinet Office, Rebecca Evans, said: “Addressing the lack of diversity in economics is key, both to ensuring that young people don’t miss out on a fulfilling career, and to ensuring that our economists and fiscal experts who are commentating on, and influencing thinking in Wales, better reflect the people of Wales. I am grateful to Discover Economics for the important work they do in widening the appeal of economics, and I look forward to meeting the Welsh economists of the future.”
Sam McLoughlin at Discover Economics said: “We are delighted to work in partnership with the Welsh Government to open young people’s eyes from all backgrounds to the varied and exciting career opportunities in economics. Thanks to Cardiff University for hosting this inspiring event for local schools and for their ongoing support. We now look forward to seeing lots of entries from Welsh schools to our Young Economist of the Year competition.”
Melanie Jones at Cardiff University said: “In collaboration with Discover Economics, we are excited to welcome students to Cardiff University to illustrate how economics can help us understand issues affecting our daily lives. In exemplifying the breadth of economics, we hope the event will inspire, and help promote diversity in, the next generation of economists.”
About Discover Economics
Discover Economics is a Royal Economic Society campaign to increase diversity in economics.
The campaign targets young people who are deciding which post sixteen qualifications to take and what subjects to study at university or through an apprenticeship.
Last year 3,000 young people participated in a Discover Economics workshop and results show that by attending there is a 13% increase in the stated likelihood of studying economics.
Discover Economics is supported by several organisations across the public, private and university sectors including the Bank of England, the Health Foundation and KMPG.
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