Question to the Department for Education:

To ask the Secretary of State for Education, what steps her Department plans to take to create a strategy for embedding financial literacy within the primary and secondary education curricula.

Financial education is currently taught through the national curriculum for mathematics at key stages 1 to 4 and citizenship at key stages 3 and 4, which together cover personal budgeting, saving for the future, managing credit and debt and calculating interest.

High and rising school standards are at the heart of the government’s mission to break down barriers to opportunity and give every child the best start in life. That is why the government announced a Curriculum and Assessment Review on 19 July 2024, which is being chaired by Professor Becky Francis CBE.

Following the independent review, the government will, through the Children’s Wellbeing and Schools Bill, legislate to require all state schools to teach the reformed national curriculum. This will give parents certainty over the core of their children’s education.

The review group will publish an interim report early in 2025, setting out their interim findings and confirming the key areas for further work. The final report, with recommendations, will be published in autumn 2025.

The Money and Pensions Service (MaPS) has a statutory role to coordinate the UK Strategy for Financial Wellbeing, which is underpinned by their robust data collection, including the impact of financial education on young people. The department works closely with MaPS to monitor the evidence for financial education. MaPS’s published research can be found here: https://maps.org.uk/en/publications/research.