Question to the Department for Education:

To ask the Secretary of State for Education, what assessment he has made of the potential merits of introducing financial education in schools for 7 to 11 year olds.

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. In 2014, for the first time, financial literacy was made statutory within the National Curriculum as part of the citizenship curriculum for 11 to 16 year olds.

The Department also introduced a rigorous mathematics curriculum, which provides young people with the knowledge and financial skills to make important financial decisions. The Government has published statutory programmes of study for mathematics and citizenship that outline what pupils should learn about financial education from Key Stage 1 to Key Stage 4.

In the primary mathematics curriculum, there is a strong emphasis on the essential arithmetic knowledge that pupils should have. There is also some specific content about financial education, such as calculations with money.

The Department trusts schools to use their professional judgement and understanding of their pupils to develop the right teaching approach for their particular school, drawing on the expertise of subject associations and organisations such as Young Money.

For the longer term, the Department will continue to work closely with The Money and Pension Service and HM Treasury, to consider how to provide further support for the teaching of financial education in schools.