Question to the Department for Education:

To ask the Secretary of State for Education, what recent assessment his Department has made of the adequacy of provision of financial education at a primary education level; if he will make an assessment of the potential contribution of Talk Money Week to improving that provision; and if he will make a statement on the educational value of talking about money with children and young people.

Education on financial matters ensures that pupils are well prepared to manage their money, make sound financial decisions and know where to seek further information, if required. In 2014, for the first time, financial literacy was made statutory within the National Curriculum as part of the citizenship curriculum for 11 to 16 year olds.

The Department also introduced a rigorous mathematics curriculum, which provides pupils with the knowledge and skills to make important financial decisions. The Government has published statutory programmes of study for mathematics and citizenship that outline what pupils should learn about financial education from key stages one to four.

In the primary Mathematics curriculum, there is a strong emphasis on the arithmetic that pupils should have. This knowledge is vital, as a strong understanding of numeracy and numbers will underpin the pupils’ ability to manage budgets and money. There is also some specific content about financial education such as calculations with money.

The Department trusts schools to use their professional judgement and understanding of their pupils to develop the right teaching approach for their particular school, drawing on the expertise of subject associations and organisations such as Young Money.

Schools should have resumed teaching an ambitious and broad curriculum in all subjects from the start of the autumn term. This means that all pupils will be taught a wide range of subjects so they can maintain their choices for further study and employment. The Department’s latest guidance on teaching to support children is set out here: https://www.gov.uk/government/publications/actions-for-schools-during-the-coronavirus-outbreak/guidance-for-full-opening-schools.

The Department supports wider initiatives that aim to improve financial confidence and resilience, such as Talk Money Week, led by the Money and Pensions Service (MaPS) as a platform for all UK citizens, including at home within families and at school, to talk openly about managing money. The Department does not plan to make its own assessment of the contribution of Talk Money Week to improving the provision of financial education at primary education level but will continue to work closely with MaPS and other stakeholders such as Her Majesty’s Treasury, to consider what can be learned from such initiatives and how to provide further support for the teaching of financial education in schools.