Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the Department for Education:
To ask the Secretary of State for Education, what recent progress she has made on improving financial education in schools.
Answered by Nick Gibb
Citizenship education is part the national curriculum at key stages 3 and 4. From September 2014 the new citizenship programmes of study included, for the first time, a requirement for schools to prepare pupils to manage their money and make sound financial decisions.
At key stage 3, pupils should be taught about the functions and uses of money, the importance and practice of budgeting, and managing risk. At key stage 4, this should progress onto pupils being taught about income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
The new mathematics programme of study also makes clear that pupils should use formal mathematical knowledge to interpret and solve problems, including in financial mathematics.