Question to the Department for Education:

To ask the Secretary of State for Education, what steps his Department is taking to ensure the provision of effective financial education for young people.

Since 2014 financial education has been statutory within the secondary national curriculum as part of citizenship and mathematics. Financial education ensures that pupils are taught the functions and uses of money, the importance of personal budgeting, money management and managing financial risk.

The Ofsted inspection framework sets out how inspections take a view on the quality of the broad and balanced education that a school provides. This includes how schools provide pupils with the knowledge and skills needed to take advantage of opportunities, responsibilities and experiences of later life, which can include financial education, as well as how curriculum subjects such as citizenship contribute to pupils’ personal development.

There are a number of organisations that support financial education for young people. Young Money recently launched a free financial education textbook for secondary schools, to support high quality teaching of the subject. We are currently working with the Money and Pension Service and HM Treasury to consider how we can support further the teaching of financial education in schools.