Financial Services: Primary Education

(asked on 26th October 2020) - View Source

Question to the Department for Education:

To ask Her Majesty's Government, what assessment they have made of the importance of financial education at primary level in the light of the impact of the COVID-19 pandemic on household finances; and what plans they have to provide additional support to schools to offer high-quality financial education.


Answered by
Baroness Berridge Portrait
Baroness Berridge
Parliamentary Under-Secretary (Department for Education)
This question was answered on 10th November 2020

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.

We also introduced a rigorous mathematics curriculum, which provides young people with the knowledge and mathematical 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 stages one to four.

In the primary mathematics curriculum, there is a strong emphasis on essential arithmetic. This is vital, as a strong understanding of numeracy and numbers will underpin pupils’ ability to manage budgets and money, including, for example, percentages. There is also some specific content about financial education such as calculations with money.

We trust 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.

Schools should have resumed teaching an ambitious and broad curriculum in all subjects from the start of the autumn term. This means that all pupils will be taught a wide range of subjects so they can maintain their choices for further study and employment. Our latest guidance on teaching to support children is set out here:
https://www.gov.uk/government/publications/actions-for-schools-during-the-coronavirus-outbreak/guidance-for-full-opening-schools.

Our £1 billion COVID-19 “catch-up” package with £650 million shared across schools over the 2020/21 academic year will support schools to put the right catch-up support in place. Details of the catch up package can be found at:
https://www.gov.uk/government/news/billion-pound-covid-catch-up-plan-to-tackle-impact-of-lost-teaching-time.

The Education Endowment Foundation have published a COVID-19 support guide to support schools to direct this funding. This is available at: https://educationendowmentfoundation.org.uk/covid-19-resources/national-tutoring-programme/covid-19-support-guide-for-schools/#closeSignup.

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

This content was generated for your convenience by Parallel Parliament and does not form part of the official record.
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