Question to the Department for Education:

To ask the Secretary of State for Education, what assessment she has made of the potential merits of adding financial education to the primary school national curriculum; what assessment she has made of the potential merits of Talk Money Week for encouraging financial literacy among young people; and if she will make a statement.

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 current mathematics curriculum at primary level includes financial education, including calculations with money and using percentages, which provides young people with the knowledge to make important financial decisions.

Primary schools can also teach financial education through citizenship. This is not part of the National Curriculum until Key Stage 3, but the Department has published a non-statutory citizenship curriculum for Key Stages 1 and 2, to support schools to inform pupils of the benefits of saving.

There are resources available for schools, including the Money and Pension Service’s (MaPS) financial education guidance for primary and secondary schools in England. The guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/. The Department is working with MaPS on a series of joint financial education webinars during the 2022/23 academic year, to help both primary and secondary schools, to improve pupils’ skills and knowledge and build teachers’ confidence in this area.

The Department supports wider initiatives that aim to improve financial confidence and resilience, including Talk Money Week, which is led by MaPS. Talk Money Week is useful for encouraging all UK citizens, including at home, within families and at school, to talk openly about managing money. Departmental officials will continue to work closely with MaPS and other stakeholders such as HM Treasury, to consider what can be learned from such initiatives and how to provide further support for the teaching of financial education in schools.