Question to the Department for Education:

To ask His Majesty's Government what steps they are taking to ensure that financial literacy education reaches the most disadvantaged students.

Answered by Baroness Smith of Malvern - Minister of State (Education)

Financial education is currently taught through the National Curriculum for mathematics (at key stages 1 to 4) and citizenship (at key stages 3 and 4) which together cover personal budgeting, saving for the future, managing credit and debt, and calculating interest. The National Curriculum is compulsory for maintained schools. However, all schools are measured by Ofsted on having a broad and balanced curriculum which is comparable to the National Curriculum.

High and rising school standards are at the heart of the government’s mission to break down barriers to opportunity and give every child the best start in life. That is why the government announced a Curriculum and Assessment Review on 19 July 2024, chaired by Professor Becky Francis CBE.

The government’s ambition is for a broad, rich and cutting-edge curriculum that equips children and young people with the essential knowledge and skills required to thrive as citizens, in work and throughout life.

The review will look closely at the key challenges to attainment for young people, and the barriers which hold children back from the opportunities and life chances they deserve – in particular those who are socioeconomically disadvantaged, or with special educational needs and disabilities.

The review will be undertaken in close consultation with education professionals and other experts, parents, children and young people, and stakeholders. A call for evidence will be launched in the coming weeks, to direct the focus of engagement with the sector and stakeholders over the autumn term.

Following the independent review, the government will legislate to require all state schools teach the reformed National Curriculum. This will give parents certainty over the core of their children’s education.

Question to the Department for Education:

To ask His Majesty's Government whether they plan to provide financial education to every child in every school by the end of this Parliament; and whether financial education is being considered in their ongoing review of the school curriculum.

Answered by Baroness Smith of Malvern - Minister of State (Education)

Financial education is currently taught through the national curriculum for mathematics (at key stages 1 to 4) and citizenship (at key stages 3 and 4) which together cover personal budgeting, saving for the future, managing credit and debt, and calculating interest. The national curriculum is compulsory for maintained schools. However, all schools are measured by Ofsted on having a broad and balanced curriculum which is comparable to the national curriculum.

High and rising school standards are at the heart of the government’s mission to break down barriers to opportunity and give every child the best start in life. That is why the government announced a Curriculum and Assessment Review on 19 July 2024, chaired by Professor Becky Francis CBE.

Following the independent review, the government will legislate to require all state schools teach the reformed national curriculum. This will give parents certainty over the core of their children’s education.

The review group will publish an interim report early in 2025, setting out their interim findings and confirming the key areas for further work. The final report, with recommendations, will be published in autumn 2025.

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