Question to the Department for Education:

To ask His Majesty's Government what assessment they have made of the suggestion that money habits are set by the age of seven.

The Money and Pensions Service (MaPS) is an arm’s length body of the Department for Work and Pensions and has a statutory duty to coordinate the UK strategy for financial wellbeing. This strategy includes a goal to ensure that two million more children and young people in the UK are receiving a meaningful financial education by 2030. To support the provision of financial education, MaPS undertakes and promotes research to improve their understanding of children and young people’s financial education needs and their financial wellbeing. MaPS’ assessment of the evidence is that the skills, knowledge, attitudes and behaviours that help people to manage money and achieve good financial wellbeing begin to develop from an early age and continue to develop throughout childhood and the teenage years. MaPS’ published research can be found here: https://maps.org.uk/en/publications/research.

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. Together this covers personal budgeting, saving for the future, managing credit and debt and calculating interest. Primary schools are free to teach financial education within citizenship. The non-statutory primary citizenship programme of study at key stages 1 and 2 equip pupils to look after their money and realise that future wants and needs may be met through saving.

The government has established an independent Curriculum and Assessment Review, which seeks to deliver an excellent foundation in core subjects, including mathematics, and a rich, broad and innovative curriculum that readies young people for life and work.

The Review group will publish an interim report in early spring setting out its interim findings and confirming the key areas for further work and publish its final report with recommendations this autumn. We will take decisions on what changes to make to the curriculum in light of these recommendations.