Question to the Department for Education:

To ask the Secretary of State for Education, what assessment his Department has made of the adequacy of the provision of financial education at a primary level; and if he will make a statement on Talk Money week.

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

The department has introduced a rigorous mathematics curriculum, which provides young people with the knowledge and financial skills to make important financial decisions. In the primary mathematics curriculum, 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 more specific content about financial education, such as calculations with money.

In 2014, financial literacy was made statutory within the national curriculum as part of the citizenship curriculum for 11 to 16 year-olds. To enable schools to plan their whole curriculum, we also published a non-statutory citizenship curriculum for key stage 1 and key stage 2. This curriculum is clear that, by the end of primary education, pupils should be taught how to look after their money and realise that future wants and needs may be met through saving.

Primary schools are free to include additional content on financial management in their curricula, including working with external experts. However, the department does not monitor this and trusts schools to use their professional judgement and understanding of their pupils to develop the right teaching approach for their particular context.

The Money and Pensions Service (MaPS) published financial education guidance for primary and secondary schools in England on 11 November 2021, during Talk Money week. Further information on this can be found at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.

The department provided a supportive foreword for the guidance, which is aimed at encouraging conversations about money in the classroom by setting out ten steps schools can take to boost the delivery of financial education. The guidance was developed in consultation with financial education experts and is designed to support school leaders and education decision makers to enhance the financial education currently delivered in their schools to make it memorable and impactful. The department supported MaPS with their communications activities during Talk Money week and is looking for future appropriate opportunities to promote the guidance.

The department will continue to work closely with the MaPS and other organisations such as Her Majesty's Treasury, to consider learning from other sector initiatives and whether there is scope to provide further support for the teaching of financial education in schools.