Question to the Department for Education:

To ask the Secretary of State for Education, what plans his Department has to help improve financial literacy amongst young people.

Finance education forms part of the citizenship national curriculum, which can be taught at all key stages and is compulsory at key stages 3 and 4. More information about the content of the national curriculum can be found at: https://www.gov.uk/national-curriculum.

Financial education ensures that pupils are taught the functions and uses of money, the importance of personal 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 how public money is raised and spent.

The mathematics curriculum, which is compulsory at key stages 1 to 4 also develops financial skills. At primary level, there is a strong emphasis on the essential arithmetic knowledge that pupils should be taught. This knowledge is vital, as a strong grasp of numeracy and numbers will underpin pupils’ ability to manage budgets and money, including, for example, using percentages. There is also some specific content about financial education, such as calculations with money.

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

As with other aspects of the curriculum, schools have flexibility over how they deliver these subjects, so they can develop an integrated approach that is sensitive to the needs and background of their pupils.

The Money and Pensions Service published financial education guidance for primary and secondary schools in England on 11 November 2021, during Talk Money week. The guidance is designed to support school leaders to enhance the financial education currently delivered in their schools to make it memorable and impactful. Further information can be accessed at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.

The department and the Money and Pensions Service will deliver a series of joint financial education webinars during the 2022/23 academic year, aimed at promoting the importance of financial education, improving teacher confidence, skills and knowledge and providing a launchpad for further engagement with training and resources to support continuous improvement.