Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of levels of financial literacy in relation to pensions among the UK population.

The Government is committed to supporting people to build their financial literacy.

As part of the Financial Inclusion Strategy, the Government announced plans to make financial education compulsory in primary schools in England through a new statutory requirement to teach citizenship, alongside a renewed focus on the subject in secondary schools in the subjects of mathematics and citizenship. The Department for Education will be engaging with sector experts and young people to determine how best to reflect this in the updated curriculum, including appropriate content on pensions and long-term saving. There will be a period of public consultation in 2026 before it is finalised.

The Financial Conduct Authority’s nationally representative Financial Lives Survey gathers insights into the financial behaviour, attitudes and experiences of adults aged 18 and over in the UK. It covers a wide range of topics, including financial capability and detailed information on how people engage with their pensions – such as their awareness, decision-making and approach to saving for retirement. Taken together, these findings provide an indication of financial literacy in the pensions context, although this is not measured as a standalone metric.

Building on these insights, the Money and Pensions Service (MaPS), an arm’s length body of Government, provides free, impartial financial guidance for consumers to support them at every stage of their financial lives. Its MoneyHelper services – available online, via webchat and over the phone – offers information on a wide range of financial topics, including pensions, along with easy-to-use tools and calculators to support people in managing their finances.