Schools: Financial Education

Lord Watson of Invergowrie Excerpts

Tuesday 12th July 2022 Lords Chamber

[Baroness Barran (Con)]

My noble friend is right in that we can do more to embed financial education in the curriculum. The webinars that I referred to will build on the financial education guidance for schools published by the Money and Pensions Service last year. It highlights the links between financial education and the curriculum, and how primary and secondary schools can improve the financial education that they deliver.

[Lord Watson of Invergowrie (Lab)]

The Money and Pensions Service, to which the Minister just referred, states that money habits are formed from the age of seven, well before young people arrive at secondary school, yet only about 25% of primary schoolchildren in England receive any form of financial education. Last year, a report from the All-Party Parliamentary Group on Financial Education for Young People called on the Department for Education to introduce financial education to the national curriculum in primary schools, and to set a target of ensuring that every primary school pupil has access to it by 2030. What progress has the Minister’s department made towards that target?

[Baroness Barran (Con)]

The noble Lord will be aware that the Government made a commitment to make no changes to the national curriculum during the life of this Parliament, and that remains the case. Although citizenship is not compulsory in primary schools, as we know, many schools choose to teach it as part of their commitment to delivering a broad and balanced curriculum. The Money and Pensions Service has clear goals to ensure that 2 million more children and young people get meaningful financial education by 2030 and we are very supportive of its work in that.