Schools: Financial Literacy

Lord Storey Excerpts

Thursday 20th April 2023 Lords Chamber

[Baroness Barran (Con)]

I have to say that I do not really have any intention of saying to the Prime Minister that his plans are facile. More importantly, I point the noble Lord to the pickup in recruitment of maths teachers following our interventions over the last three years.

[Lord Storey (LD)]

My Lords, those children and young people who are financially literate are less likely to make poor financial decisions. Unfortunately, we see many children, particularly those from poorer backgrounds, who are not able to make those correct financial decisions. It is not just about teaching maths; it is actually about having practical opportunities and experiences. Will the Minister reflect on how we might do that in a more coherent way across all schools, particularly starting in primary schools?

[Baroness Barran (Con)]

The Government agree with the noble Lord that it is that combination of the fundamental knowledge in relation to mathematics and reading that support financial literacy and that can be taught in schools, having really high quality materials for schools to use. But, beyond that, they should have the experiences that the noble Lord refers to. That is why we are grateful to organisations such as Young Enterprise and the Money and Pensions Service for the work they do outside schools to complement what goes on inside.