Financial Education

Zöe Franklin Excerpts

Thursday 6th February 2025 Commons Chamber

[Zöe Franklin (Guildford) (LD)]

I thank the hon. Member for Broadland and Fakenham (Jerome Mayhew) for securing this important debate. I find the statistics about what children remember of financial literacy education really sad. It is not that teachers do not want to provide the education but, as others have raised, there is stretched time in the current education system, and perhaps a lack of confidence among teachers.

I have a 17-year-old son, and have asked him a number of times whether he has had the opportunity to learn about budgeting at school. Perhaps this just speaks to the memory of a 17-year-old child, but he, like many of his friends, does not remember having had that important opportunity to learn how to budget—most likely, he did not. I sat down with him at the weekend to go through it, and realised how much we, as adults, take for granted the things that we have learned over the course of life. We should not be relying on the passage of time and the experience of life; we need to educate our young people about financial literacy from a really early age.

As a Liberal Democrat and as a mum, I think it is really important that we use the curriculum review to modernise it, and look at a curriculum for life. This is the perfect opportunity to include financial literacy. My personal view, which might raise eyebrows across the House, is that putting it into the maths curriculum might help young people to see maths as something that is relevant to their real lives. I am sure that we have all had conversations with teenagers who ask, “How is maths relevant to my life?” They say that it is not. Well, it very much will be when they get into adulthood and have to deal with mortgages, household budgeting and the rest.

The reality of household budgeting came to the forefront of my mind when I met with Christians Against Poverty in my constituency, which does fantastic work with people who have got into debt, often through no fault of their own—through the cost of living crisis and personal circumstances. However, at the root of it is often a lack of financial literacy. We clearly need to provide more opportunities for young people, as well as for adults, because we have already said that young people tend to get their financial education from their parents.

I ask the Minister to ensure that there is a deep commitment in the curriculum review to putting financial education into the curriculum in a way that will help children to remember it and take it forward in their lives. I also ask her to support adults to get the financial education that they need so that they can complete the circle of empowering themselves to be better with their finances, and empowering the next generation.