Question to the Department for Education:

To ask the Secretary of State for Education, whether her Department is taking steps to help improve the financial literacy of (a) young people and (b) the wider population.

Financial education supports young people to manage their money well, make sound financial decisions, and know where to seek further information when needed.

Financial education is included in the National Curriculum at Key Stages 3 and 4 but can be taught by all schools at all Key Stages. Pupils should be taught the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils should be educated on income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and the need to understand financial risk, including any emerging financial trends.

The mathematics curriculum includes an emphasis on the essential arithmetic that primary pupils should be taught. A grasp of mathematics underpins pupils’ ability to manage budgets and money. This includes, for example, using percentages. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues, such as calculating loan repayments, interest rates, and compound interest.

In November 2021, the Money and Pensions Service published financial education guidance for primary and secondary schools in England to support head teachers. The guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.

The Department and the Money and Pensions Service are planning a series of joint financial education webinars during this academic year. These are aimed at promoting the importance of financial education, improving pupils’ understanding, and improving teachers' confidence.