Question to the Department for Education:

To ask His Majesty's Government whether they have plans to increase the financial education provided to young people, including teaching about savings, investments, mortgages and other borrowing.

The department wants all young people to manage their money well, make sound financial decisions and know where to seek further information when needed.

Finance education forms part of the citizenship national curriculum, at Key Stages 3 and 4, but can be taught by all schools at all Key Stages.

The subject covers the functions and uses of money, the importance of personal 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 how public money is raised and spent.

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, including using percentages. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues, such as calculating loan repayments, interest rates and compound interest.

The Money and Pensions Service published financial education guidance for primary and secondary schools in England in November 2021, to support school leaders to enhance their financial education provision. The guidance can be found here: https://maps.org.uk/financial-education-in-schools/.

The department and the Money and Pensions Service are also planning a series of joint financial education webinars during this academic year, aimed at promoting the importance of financial education, improving pupils’ skills and knowledge and teachers’ confidence.