Schools: Financial Education

Lord Polak Excerpts

Wednesday 31st January 2024 Lords Chamber

[Lord Polak (Con)]

My Lords, I too thank my noble friend Lady Sater for tabling this important debate. I also thank my friend Vivi Friedgut, who is here in the Chamber, the founder of Blackbullion, an educational technology start-up which is on a mission to empower millions of students to create a better financial future. The company is chaired by my noble friend Lord Fink, who was unable to be here this evening.

In discussion Vivi told me quite clearly that the current system is not working and that everyone seems to be looking for a single and simple panacea. No such thing exists. It is a journey, not a destination. From wanting as ever to be practical, I say to the Minister: we need more teacher education. If teachers are confident, they are best placed to weave it into a variety of subjects to bring them to life. Integrate elements of this financial education into other relevant subjects—maths, history, geography, economics, business, life skills—to create a holistic understanding and complement this with dedicated workshops or group work to provide real-world context.

Forever being practical, I urge the Minister to meet with Vivi and my noble friend Lord Fink. What they have done among students at universities has created a collaboration between the Bank of England and Pearson Education, and the educational help for financial education is enormous. Some 700,000 students, not just in Britain, are benefiting from the information. Surely, we can use that same technology to get this education across to children—because I notice that even primary school children seem to be holding mobile phones. So I urge the Minister, if he has the time, to meet with Lord Fink and Vivi.