Question to the Department for Education:

To ask the Secretary of State for Education, whether her Department is taking steps to provide young people with education on credit products.

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 where needed.

Financial education is included in the National Curriculum at Key Stages 3 and 4 but can be taught by all schools at all Key Stages. Pupils should be taught the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils should be educated 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 mathematics curriculum includes a strong emphasis on the essential arithmetic that primary pupils should be taught. A strong grasp of mathematics will underpin pupils’ ability to manage budgets and money.

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 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’ knowledge and build teachers’ confidence in this area.