Financial Education

Debate between Yasmin Qureshi and Kevin Brennan

Thursday 15th December 2011 Commons Chamber

[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.

[Yasmin Qureshi (Bolton South East) (Lab)]

My hon. Friend touches on the matter of teaching. Does he agree that, as statistics from the Graduate Teaching Training Registry obtained by The Times Educational Supplement show, from November 2011 overall applications for training courses for secondary maths teaching fell by more than a quarter? Bearing in mind that the teaching of personal financial education is going to require an element of teaching maths, does he agree that the Government should encourage more teachers to apply to teach the subject?

[Kevin Brennan]

We have heard about those worrying statistics in the course of our deliberations, but my hon. Friend is absolutely correct to emphasise their importance and the need for urgent action by the Government.

We need to get to a point at which all children realise that by saving now they can be prepared for the future, but that is only possible if they get the right sort of financial education. In particular, we should not let children from neighbourhoods of lower socio-economic class suffer because their schools do not offer good financial education. The hon. Member for North Swindon quite correctly said that with the huge increases in tuition fees that young people going to university are facing, there is even more need to give serious thought to what will happen when our children go to university and have to deal with the debts they will incur as a result. In fact, Martin Lewis himself said that

“in the 20 years since student loans came in, we’ve educated our youth into debt when they go to university, but never about debt.”

It is extremely important that we do that.