Question to the Department for Education:

To ask the Secretary of State for Education, what steps she is taking to help improve the financial literacy of school children in Coventry North West constituency.

Education on financial matters helps to ensure that pupils are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed.

Financial education forms part of the citizenship curriculum at Key Stages 3 and 4, but can be taught at all Key Stages. More information on the National Curriculum can be found here: https://www.gov.uk/national-curriculum. The subject covers the functions and uses of money, the importance of personal budgeting, money management and managing financial risk. At secondary school, pupils are taught content on income and expenditure, credit and debt, insurance, savings, pensions, financial products and services and how public money is raised and spent.

The mathematics curriculum includes an 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 secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues such as calculating loan repayments, interest rates and compound interest.

The Money and Pensions Service (MaPS) has published guidance to support head teachers to enhance their financial education provision. This is available here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.

The Department and MaPS are planning a series of joint financial education webinars during this academic year, aimed at promoting the importance of financial education, improving pupils’ knowledge and teachers’ confidence.