Question to the Department for Education:

To ask the Secretary of State for Education, if he will conduct a UK-wide assessment of the financial capability of young people.

All schools are required to provide a broad and balanced curriculum. Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed.

The mathematics programmes of study provide young people with the knowledge and financial skills to make important financial decisions. In the primary mathematics curriculum, there is a strong emphasis on the essential arithmetic knowledge that pupils should be taught. This knowledge is vital, as a strong grasp of numeracy and numbers will underpin pupils’ ability to manage budgets and money, including, for example, using percentages. There is also some specific content about financial education, such as calculations with money.

In 2014 financial literacy was made statutory within the national curriculum as part of the citizenship curriculum for 11 to 16-year-olds. The department also published a non-statutory citizenship curriculum for 5 to 11-year-olds, which is clear that, by the end of primary education, pupils should be taught how to look after their money and realise that future wants and needs may be met through saving.

Primary schools are free to include additional content on financial management in their curricula, including working with external experts to ensure they develop the right teaching approach for their particular context.

The Money and Pensions Service (MAPS) published financial education guidance for primary and secondary schools in England on 11 November 2021, during Talk Money week. The guidance is designed to support school leaders to enhance the financial education currently delivered in their schools to make it memorable and impactful. The department supported MAPS with their communications activities during Talk Money week and is looking for future appropriate opportunities to promote the guidance. The guidance is available here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.

In the COVID-19 School Snapshot survey from June-September 2021, all leaders were asked if their school teaches pupils about managing money, such as how to make good decisions about spending and saving. The summary of findings showed that most did so but that it was more common amongst secondary schools (86%) than primary schools (60%). Schools with the lowest proportion of pupils eligible for free school meals were more likely than those on the highest proportion to teach pupils about managing money (70% vs. 59%).

MAPS are planning to carry out a UK wide children and young people financial capability survey later this year. The Delivery Plans for each nation are being published shortly and will detail plans to increase the provision of financial education for more children and young people across the UK.

The department will continue to work closely with MAPS and other stakeholders such as Her Majesty's Treasury, to consider learning from other sector initiatives and whether there is scope to provide further support for the teaching of financial education in schools.