Financial Services: Education

(asked on 23rd June 2022) - View Source

Question to the Department for Education:

To ask Her Majesty's Government what plans they have to improve the provision of financial education for pupils eligible for free school meals.

Answered by
Baroness Barran Portrait
Baroness Barran
Parliamentary Under-Secretary (Department for Education)
This question was answered on 6th July 2022

The department wants all schools to offer high standard of financial education. In delivering the curriculum, including financial education, schools should take account of pupils with particular needs and adapt lessons accordingly.

Education on financial matters helps to ensure that pupils are taught the functions and uses of money, the importance of personal budgeting, money management and managing financial risk. 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: 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 department has also 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 specific content about financial education, such as calculations with money.

The department has not made any specific requirement for financial education provision for pupils who are eligible for free school meals, however, as with other aspects of the curriculum, schools have flexibility over how they deliver these subjects. This means schools 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, to support school leaders to enhance the financial education currently delivered in their schools to make it memorable and impactful. The guidance is available here:

The department will continue to work closely with the Money and Pensions Service and other stakeholders, such as HM 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.

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