Schools: Curriculum Update

Baroness Sater Excerpts

Thursday 8th June 2023 Lords Chamber

[Baroness Sater (Con)]

My Lords, numerous reports, including the publication in February from the APPG on Financial Education for Young People, of which I am vice-chair, have consistently highlighted that the provision of financial education is severely lacking in our schools. Can the Minister tell me why the Government do not prioritise this issue, given that doing so would result in more of our children leaving school with a crucial life skill?

[Baroness Barran (Con)]

I cannot accept my noble friend’s assertion that we are not providing this effectively. We appreciate that there are some issues in the delivery of financial education—for example, we know that only 69% of secondary schools say that they teach money management. I know that reviews have shown a lack of confidence among some teachers in delivering financial education, which is why the Oak National Academy is producing more dedicated materials to support teachers. The Money and Pensions Service produced financial education guidance for schools in 2021. We are working on this across every aspect, but I reiterate that without mathematics and reading, we will not achieve financial literacy.