Schools: Financial Literacy

Lord Vaux of Harrowden Excerpts

Thursday 20th April 2023 Lords Chamber

[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.

[Lord Vaux of Harrowden (CB)]

My Lords, the Fraud Act 2006 and Digital Fraud Committee heard a lot of evidence that young people are particularly susceptible to fraud and also to being conned into becoming money laundering mules. Can the Minister assure us that the financial education will include fraud to enable young people to protect themselves from becoming either victims or unwitting criminals?

[Baroness Barran (Con)]

Certainly, the aspects of the curriculum that relate to how to operate safely online include fraud, which is a growing and terrible problem, as the noble Lord points out.