Question to the Department for Education:

To ask the Secretary of State for Education, what plans she has to improve young people’s understanding of financial products.

The Department wants all young people to manage their money well, make sound financial decisions and know where to seek further information when needed. Financial education is included in the National Curriculum at Key Stages 3 and 4 but can be taught by schools at all Key Stages.

Pupils should be taught about the functions and uses of money, 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 the need to understand financial risk, including any emerging financial trends.

The mathematics curriculum includes a strong 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 Money and Pensions Service (MaPS) published financial education guidance for primary and secondary schools in England in November 2021, to support head teachers to enhance their financial education provision. Guidance for this can be found here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.

The guidance includes links to quality assured resources for schools, including content and activities on cryptocurrencies and buy now, pay later schemes. It also sets out the knowledge and skills pupils need to protect their personal data, critically evaluate online content, and identify scams.

The Department and MaPS are planning a series of joint financial education webinars during this academic year, to help schools to improve pupils’ skills and knowledge and build teachers’ confidence in this area.