Question to the Department for Education:

To ask the Secretary of State for Education, what steps her Department is taking to ensure that all primary children receive a high-quality and effective financial education by 2030.

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.

At primary school, financial education is included in the mathematics curriculum. In the curriculum, there is a strong emphasis on the essential arithmetic that pupils should be taught. This knowledge is vital, as a strong grasp of mathematics will underpin pupils’ ability to manage budgets and money, including, for example, using percentages. The mathematics curriculum also includes specific content regarding financial education, such as calculations with money.

Primary schools can also teach financial education through citizenship. Although this is not part of the National Curriculum until Key Stage 3, the Department has published a non-statutory citizenship curriculum for Key Stages 1 and 2, to support schools to ensure that pupils are taught how to look after their money and realise that future wants and needs may be met through saving. There is also a wide range of resources available for schools, including the Money and Pension Service’s (MaPS) financial education guidance for primary and secondary schools in England. This can be found here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.

The Department continues to work with MaPS and HM Treasury to consider the evidence and explore opportunities to promote the importance of financial education to schools. The Department is currently working with MaPS to deliver financial education webinars this academic year, promoting the importance of financial education and building teachers’ confidence in this area.