Asked by: Stephen Timms (Labour - East Ham)
Question to the Department for Education:
To ask the Secretary of State for Education, when she plans to launch Alternative Student Finance for Muslim students.
Answered by Robert Halfon
The department understands the concerns held by some Muslim students and their families about student finance. We want all learners with the potential to benefit from higher education to be able to do so. The department remains committed to delivering an alternative student finance (ASF) product for Muslim students.
Going forward, the department is introducing a Lifelong Loan Entitlement (LLE) that will significantly change the ways students can access learning and financial support.
The department's consultation on the detail and scope of the LLE closed in May 2022. In this consultation, the department sought views on what barriers learners with protected characteristics might face in accessing or drawing on their LLE, noting that answers to this question could include consideration of an ASF product for students whose faith has resulted in concerns about traditional loans. We are currently considering if and how ASF can be delivered as part of the LLE.
We will provide a further update on ASF as part of the government response to the LLE consultation.
Asked by: Stephen Timms (Labour - East Ham)
Question to the Department for Education:
To ask the Secretary of State for Education, what assessment her Department has made of the potential disparities in the (a) access to and (b) quality of financial education between primary schools.
Answered by Nick Gibb
Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed.
The primary school curriculum already includes financial education within the mathematics curriculum, which provides young people with the knowledge and financial skills to make important financial decisions. In the primary mathematics curriculum, there is a strong emphasis on the essential arithmetic that pupils should be taught. This knowledge is vital, as a strong grasp of mathematics will underpin pupils’ ability to manage budgets and money. The mathematics curriculum also includes specific content about financial education, such as calculations with money.
Primary schools can also teach financial education through citizenship. Although this is not part of the National Curriculum until Key Stage 3, the Department has published a non-statutory citizenship curriculum for Key Stages 1 and 2. This supports schools to make sure that pupils are taught how to look after their money and realise that future wants, and needs may be met through saving. There is a wide range of resources available for schools, including the Money and Pension Service’s (MaPS) financial education guidance for primary and secondary schools in England. This guidance can be found here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The Department does not monitor financial education in primary schools, but the Department continues to work with MaPS and HM Treasury to consider the evidence and explore opportunities to promote the importance of financial education to schools. The Department is currently working with MaPS on a series of joint financial education webinars during this academic year, to help primary and secondary schools to improve pupils’ skills and knowledge and build teachers’ confidence in this area.
Asked by: Stephen Timms (Labour - East Ham)
Question to the Department for Education:
To ask the Secretary of State for Education, what assessment she has made of the potential merits of including financial education in the primary school national curriculum.
Answered by Nick Gibb
Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed.
The primary school curriculum already includes financial education within the mathematics curriculum, which provides young people with the knowledge and financial skills to make important financial decisions. In the primary mathematics curriculum, there is a strong emphasis on the essential arithmetic that pupils should be taught. This knowledge is vital, as a strong grasp of mathematics will underpin pupils’ ability to manage budgets and money. The mathematics curriculum also includes specific content about financial education, such as calculations with money.
Primary schools can also teach financial education through citizenship. Although this is not part of the National Curriculum until Key Stage 3, the Department has published a non-statutory citizenship curriculum for Key Stages 1 and 2. This supports schools to make sure that pupils are taught how to look after their money and realise that future wants, and needs may be met through saving. There is a wide range of resources available for schools, including the Money and Pension Service’s (MaPS) financial education guidance for primary and secondary schools in England. This guidance can be found here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The Department does not monitor financial education in primary schools, but the Department continues to work with MaPS and HM Treasury to consider the evidence and explore opportunities to promote the importance of financial education to schools. The Department is currently working with MaPS on a series of joint financial education webinars during this academic year, to help primary and secondary schools to improve pupils’ skills and knowledge and build teachers’ confidence in this area.
Asked by: Stephen Timms (Labour - East Ham)
Question to the Department for Education:
To ask the Secretary of State for Education, what plans she has to improve young people’s understanding of buy-now-pay-later schemes.
Answered by Nick Gibb
The Department wants all young people to manage their money well, make sound financial decisions and know where to seek further information when needed. Financial education is included in the National Curriculum at Key Stages 3 and 4 but can be taught by schools at all Key Stages.
Pupils should be taught about the functions and uses of money, budgeting, money management, and managing financial risk. At secondary school, pupils are taught about income and expenditure, credit and debt, insurance, savings and pensions, financial products and services and the need to understand financial risk, including any emerging financial trends.
The mathematics curriculum includes a strong emphasis on the essential arithmetic that primary pupils should be taught. A strong grasp of mathematics will underpin pupils’ ability to manage budgets and money.
The Money and Pensions Service (MaPS) published financial education guidance for primary and secondary schools in England in November 2021, to support head teachers to enhance their financial education provision. Guidance for this can be found here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The guidance includes links to quality assured resources for schools, including content and activities on cryptocurrencies and buy now, pay later schemes. It also sets out the knowledge and skills pupils need to protect their personal data, critically evaluate online content, and identify scams.
The Department and MaPS are planning a series of joint financial education webinars during this academic year, to help schools to improve pupils’ skills and knowledge and build teachers’ confidence in this area.