Schools: Financial Literacy

Lord Bishop of St Albans Excerpts

Thursday 20th April 2023 Lords Chamber

Asked by

[The Lord Bishop of St Albans]

To ask His Majesty’s Government what steps they are taking to promote financial literacy in schools.

[The Parliamentary Under-Secretary of State, Department for Education (Baroness Barran) (Con)]

My Lords, we work closely with the Money and Pensions Service and the Treasury to support the effective teaching of financial education in schools. The Money and Pensions Service has published financial education guidance for primary and secondary schools and we will deliver webinars for schools in due course. Our national network of 40 maths hubs also supports schools to improve their mathematics teaching, including financial content in the mathematics curriculum, based on best practice from east Asia.

[The Lord Bishop of St Albans]

I thank the Minister for her reply and I am glad to hear what His Majesty’s Government are doing. I do not know whether the Minister is aware, but the Church of England has been working on a project called Lifesavers, which came out of one of the Archbishops’ Commissions. It has so far delivered financial literacy training for 30,000 school pupils and trained 2,000 teaching staff. Given that only 5% of parents believe that their children are leaving school with adequate financial literacy, what assessment have His Majesty’s Government made of Lifesavers and other similar school projects, such as GoHenry, and how can they help these projects as we are seeking to roll them out and increase financial literacy?

[Baroness Barran (Con)]

The Government are very grateful to organisations such as Lifesavers for the important work they do providing very useful support to teachers and schools. According to the Money and Pensions Service, about 6.3 million children between the ages of five and 17 received some form of financial education across just over 100 programmes, so there is a great variety on offer across the country.