(2 days, 11 hours ago)
Commons ChamberI thank the hon. Member for Broadland and Fakenham (Jerome Mayhew) for bringing this crucial conversation to the Chamber. We are not born with the ability to open an ISA, choose a private pension or invest our savings. We do not have a natural intuition about how to save or manage debt, or how the tax system works, so why are we sending young people from school with little or no formal financial education?
Having worked for Leicestershire Training and Enterprise Council 25 years ago, where we supported young people and adults into education, and having held a number of roles in the social housing sector supporting tenant welfare, it is clear to me that there is a gap in people’s financial knowledge. I am really proud of some of the work that I did before coming to this place—particularly leading a team to set up the financial and digital inclusion project Moneywise for Leicester, Leicestershire and Rutland, targeting individuals, including in my constituency of North West Leicestershire, who were digitally and financially excluded. From running that project, the lack of basic skills around financial education, and how much it was holding people back, became clear to me. Through the project, we were able to empower people to have a much more positive relationship with their finances.
As a member of the Work and Pensions Committee, it has already become apparent to me that a lack of conversation and knowledge, and probably confidence, about long-term financial planning, is having a detrimental impact on our relationship with our finances. By providing financial education to young people, we have an opportunity to reset our relationship with money and skills. A study by Compare the Market and the financial education charity MyBnk found that almost two thirds of adults surveyed said that they did not recall receiving financial education at school. The same study found that only two in five respondents considered themselves financially literate.
There is hope, though. My son is currently studying core maths at AS-level, and we have had many conversations about financial management, from insurance to rent, and mortgages to savings, just because of that course. This is an issue that can unite us across party lines. Our young people deserve that. At the very least, they deserve a basic understanding of how to manage their future finances. It is not just current and future generations that could benefit; the Investing and Saving Alliance projected that, were the Government to prioritise financial education, we could inject an extra £7 billion into the economy each year. That would make a real, measurable and tangible difference to so many young people. I look forward to the Minister’s response.
(2 months, 3 weeks ago)
Commons ChamberThank you very much for that clarification, Madam Deputy Speaker. I thank the hon. Gentleman for his intervention; he is 100% right. I take this moment also to pay tribute to the amazing teachers and staff at schools who go way beyond the call of duty to look after children, and who are faced not only with young hungry children, but sometimes with children who do not even have clean uniforms because, with the cost of living pressures, their families cannot get their school uniforms washed regularly.
I thank my hon. Friend for securing this important debate. I want to raise the work that our teachers and school staff do to ensure that our children get a hot meal at lunch time—and now, hopefully, in the morning as well. We must ensure that we give our children the best start on a school day, and the roll-out of breakfast clubs will help us to do that.
My hon. Friend is 100% right. I hope that teachers and teaching staff will take comfort and solace from the fact that policies are now being implemented to help, rather than hinder, them. They will be able to do their primary duty of educating kids and broadening their horizons, rather than having to worry about feeding and clothing them in an appropriate manner.
Healthy habits start early. What consideration will be given to the nutritional value of meals provided to children? As the Minister will know, ensuring that all children are given a nutritious and healthy meal when they come to school will improve not only attainment, but health outcomes. It is not just children whose lives will be improved via access to breakfast clubs, because indirect economic benefits will also stem from this scheme. Right now, 20% of mothers who have their youngest child in primary school are unemployed, and 35% are in part-time employment. With childcare costs ballooning, greater access to round-the-clock care will mean that parents do not have their careers dictated by the school run. Parents will have more support and independence to find full-time employment.