Financial Education

Debate between Kevin Brennan and Julie Hilling

Thursday 15th December 2011 Commons Chamber

[Kevin Brennan]

I will give way again in a moment if the hon. Gentleman is dead keen. All right; I will carry on.

The Government are correct in their desire for people to take responsibility for their finances in order to reduce unaffordable debt, but they have to get the ball rolling, which means that they need to find some way of getting this going in our schools.

[Julie Hilling (Bolton West) (Lab)]

Does my hon. Friend agree that although we might want to teach many subjects as part of the curriculum, unless we specify them there is always the risk that they will not be taught? Practical maths has been mentioned, but different parts of the subject might be taught. Some subjects— I would include emergency life support skills among them—are so important that we must specify that they have to be taught.

[Kevin Brennan]

I have sympathy with the Minister over the difficulty created by having more and more subjects shoved and squashed into the curriculum. Education Ministers of all parties will know that it is a difficult task as they come under pressure to include all sorts of subjects in the curriculum. My point is that we need to be absolutely clear what we are talking about. If the Government accept the report, they will have to go a lot further than simply including some practical questions in GCSE maths papers. What my hon. Friend the Member for Bolton West (Julie Hilling) said is absolutely correct.

There are examples of good practice out there. I shall not go into them in too much detail, but some schools around the country could link up with local credit unions. This has not been mentioned much in the debate, but it is a great way to encourage responsible saving in community-based organisations and to teach young people about the responsible use of money and about saving.