Personal, Social, Health and Economic Education

(asked on 11th November 2022) - View Source

Question to the Department for Education:

To ask the Secretary of State for Education, what steps she is taking to help improve young people’s understanding of buy-now-pay-later schemes.


Answered by
Nick Gibb Portrait
Nick Gibb
This question was answered on 18th November 2022

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.

Finance education forms part of the citizenship National Curriculum, at Key Stages 3 and 4, but can be taught by all schools at all Key Stages. Citizenship covers the functions and uses of money; the importance of personal budgeting; money management; and managing financial risk. At secondary school, pupils are taught information on income and expenditure; credit and debt; insurance, savings and pensions; financial products and services and the need to understand financial risk, including any emerging financial trends. Further information can be found here: https://www.gov.uk/national-curriculum.

The current mathematics curriculum at primary level includes financial education and relevant skills, including calculations with money and using percentages, which provides young people with the knowledge and financial skills to make important financial decisions. The secondary mathematics curriculum develops pupils’ understanding and skills in relation to more complex personal finance issues, such as calculating loan repayments, interest rates and compound interest.

The Money and Pensions Service (MaPS) published financial education guidance for primary and secondary schools in England in November 2021, to support school leaders to enhance their financial education provision. The guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/. This guidance includes links to quality assured resources for schools, including content and activities on cryptocurrencies and buy now, pay later schemes. It also sets out the knowledge and skills pupils need to protect their personal data, critically evaluate online content and identify scams.

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.

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