Post-16 Financial Education

Lord Storey Excerpts

Thursday 12th June 2025 Lords Chamber

[Baroness Smith of Malvern (Lab)]

I do not necessarily agree with the noble Lord’s characterisation of the way that financial education is delivered, for example, through citizenship, but he makes an important point. I have just mentioned, of course, that financial education and the skills necessary to understand your finances and the concepts around them are part of the national curriculum from key stage 1 to key stage 4, and of post-16 maths study.

[Lord Storey (LD)]

My Lords, this is a very important Question from the noble Baroness. One in four 18 to 24 year-olds is in some form of financial difficulty. Lacking knowledge of where to go for help or services that can help them, they are often pushed to illegal loan sharks. Does the Minister not think that we should run a young person’s public information campaign, which could be targeted in colleges, jobcentres and sixth forms?

[Baroness Smith of Malvern (Lab)]

Of course, this is part of what the Money and Pensions Service strategy aims to do, as is the work I identified that is being supported by the dormant assets funding. We also need to work alongside the legitimate parts of the industry to make sure that the support and information that it is providing is made more broadly available to young people—and, in fact, to people throughout their lives. I suspect that those of us who did not have the opportunity to have even the type of financial education that children nowadays get have a continuing need to understand our finances well into our lives and, in particular, into our retirement.