Question to the Department for Education:

To ask the Secretary of State for Education, what assessment she has made of the potential merits of including financial education in the primary school national curriculum.

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 primary school curriculum already includes financial education within the 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 that pupils should be taught. This knowledge is vital, as a strong grasp of mathematics will underpin pupils’ ability to manage budgets and money. The mathematics curriculum also includes specific content about financial education, such as calculations with money.

Primary schools can also teach financial education through citizenship. Although this is not part of the National Curriculum until Key Stage 3, the Department has published a non-statutory citizenship curriculum for Key Stages 1 and 2. This supports schools to make sure that pupils are taught how to look after their money and realise that future wants, and needs may be met through saving. There is a wide range of resources available for schools, including the Money and Pension Service’s (MaPS) financial education guidance for primary and secondary schools in England. This guidance can be found here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.

The Department does not monitor financial education in primary schools, but the Department continues to work with MaPS and HM Treasury to consider the evidence and explore opportunities to promote the importance of financial education to schools. The Department is currently working with MaPS on a series of joint financial education webinars during this academic year, to help primary and secondary schools to improve pupils’ skills and knowledge and build teachers’ confidence in this area.