Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with the Secretary of State for Education on strengthening financial education to improve long-term financial resilience among young people.

The Government fully recognises the importance of financial education and wants to ensure that all children are equipped with the skills they need to make informed financial decisions throughout their lives.

HM Treasury works closely with the Department for Education, which sets the national curriculum for financial education in schools in England. In England, financial education forms a compulsory part of the national curriculum for mathematics at key stages 1 to 4, and citizenship at key stages 3 and 4, this includes personal budgeting, saving for the future, and managing credit and debt.

The Government has established an independent Curriculum and Assessment Review, which is considering whether there is sufficient coverage of key knowledge and skills, including financial education, to prepare children and young people for future life.

The interim report highlighted that the Review has heard consistently from children and young people and their parents that they want more focus on the applied knowledge and skills that will equip them for later life and work, such as financial education. The Review’s final report and recommendations will be published in autumn with the government’s response.

The Money and Pensions Service (MaPS), an arm’s length body of the Government, provides comprehensive guidance to support people at every stage of their financial lives through the Money Helper website. This includes guidance for dealing with debt and signposting to free debt advice.