Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will hold discussions with major banks on interest rates on savings accounts compared to other financial institutions.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Chancellor has made clear his expectation that savers benefit from higher interest rates, and earlier this year he secured agreement from the FCA to review the savings market. The review was published in July and set out 14 actions for the FCA and firms to take to ensure customers were not losing out on higher interest rates.
The FCA recently shared an update on this work to acknowledge improvements in the market, meaning that more savers are now benefiting from higher interest rates. It also reaffirmed its commitment to continue working with industry to ensure savers are receiving fair value. This includes working with banks and building societies to review the fair value assessments they have already submitted
The retail savings market currently offers a range of options to savers, who can now access the highest rates in recent years on a variety of instant access and fixed-term products.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what measures they have in place to encourage banks to pass on higher interest rates to savers.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Government is committed to ensuring people are supported to save, and that they can access a wide range of competitive savings products. The retail savings market currently offers a range of competitive options to savers, who can now access the highest rates in recent years on a variety of instant access and fixed-term products.
The Government launched the Help to Save scheme in September 2018 to directly encourage those on lower incomes to save. This encourages saving for those on Working Tax Credit or receiving Universal Credit. These savings accounts provide a bonus of 50p for every £1 saved over 4 years.
The Government has also introduced other measures in recent years to encourage saving. Individuals can save up to £20,000 into their ISA each year and coupled with the Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers, around 95% of people with savings income pay no tax on that income.
The Lifetime ISA is a long-term savings product to encourage younger people to save for their first home or for later life. The government provides a 25% bonus on savings of up to £4,000 each year, provided the savings are kept for the long-term.
Asked by: Lord Bishop of St Albans (Bishops - Bishops)
Question to the Department for Education:
To ask His Majesty's Government, further to the Written Answer by Baroness Barran on 3 April (HL6647), what discussions they have had with (1) Barclays LifeSkills, (2) EVERFI, (3) HSBC, (4) Lloyds Banking Group, (5) NatWest MoneySense, (6) Santander Moneywise, and (7) other financial education providers, about improving financial education in the UK.
Answered by Baroness Barran - Parliamentary Under-Secretary (Department for Education)
The department has had conversations with a number of external organisations to understand what financial education programmes they deliver. This includes conversations with Barclays LifeSkills, Santander MoneyWise, the Just Finance Foundation, the Church of England, the Financial Times’ Financial Literacy and Inclusion Campaign, Young Enterprise and KickStart money.
The department has not spoken to the other organisations included in this list, but does work closely with The Money and Pensions Service (MaPS) and His Majesty’s Treasury to consider how we can support the teaching of financial education in schools. MaPS, as an arm’s length body sponsored by the Department for Work and Pensions, published their UK Strategy for Financial Wellbeing in January 2020. This is a ten-year framework to help UK citizens to make the most of their money and pensions. One of the key themes of their strategy is to support the financial wellbeing of children and young people. Their national goal is to ensure that two million more children and young people receive a meaningful financial education by 2030.
Education on financial matters throughout secondary school helps to ensure that pupils are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed. Children should receive age appropriate financial education as part of compulsory education, so that those who leave school early can benefit. Financial 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. The subject covers the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils are taught about income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
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, including, for example, using percentages. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues such as calculating loan repayments, interest rates and compound interest.
MaPS has published financial education guidance for primary and secondary schools and we will deliver a series of webinars in due course. The MaPS guidance can be found attached.
Asked by: Lord Bishop of St Albans (Bishops - Bishops)
Question to the Department for Education:
To ask His Majesty's Government, further to the Written Answer by Baroness Barran on 3 April (HL6647), what steps they are taking to provide financial education for those who leave school early.
Answered by Baroness Barran - Parliamentary Under-Secretary (Department for Education)
The department has had conversations with a number of external organisations to understand what financial education programmes they deliver. This includes conversations with Barclays LifeSkills, Santander MoneyWise, the Just Finance Foundation, the Church of England, the Financial Times’ Financial Literacy and Inclusion Campaign, Young Enterprise and KickStart money.
The department has not spoken to the other organisations included in this list, but does work closely with The Money and Pensions Service (MaPS) and His Majesty’s Treasury to consider how we can support the teaching of financial education in schools. MaPS, as an arm’s length body sponsored by the Department for Work and Pensions, published their UK Strategy for Financial Wellbeing in January 2020. This is a ten-year framework to help UK citizens to make the most of their money and pensions. One of the key themes of their strategy is to support the financial wellbeing of children and young people. Their national goal is to ensure that two million more children and young people receive a meaningful financial education by 2030.
Education on financial matters throughout secondary school helps to ensure that pupils are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed. Children should receive age appropriate financial education as part of compulsory education, so that those who leave school early can benefit. Financial 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. The subject covers the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils are taught about income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
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, including, for example, using percentages. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues such as calculating loan repayments, interest rates and compound interest.
MaPS has published financial education guidance for primary and secondary schools and we will deliver a series of webinars in due course. The MaPS guidance can be found attached.
Asked by: Rachael Maskell (Labour (Co-op) - York Central)
Question to the Department for Education:
To ask the Secretary of State for Education, what assessment she has made of the potential merits of introducing classes for school leavers to assist with life skills such as budgeting and preparation for work.
Answered by Nick Gibb
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. The subject covers the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils are taught about income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues such as calculating loan repayments, interest rates and compound interest.
My right hon. Friend, the Prime Minister, has set out a new mission to ensure all pupils study some form of mathematics to 18, equipping them with the skills they need for the jobs of today and the future. This includes having the knowledge to feel confident with finances in later life, including things like finding the best mortgage deal or savings rate.
The Department works with the Money and Pensions Service (MaPS) and HM Treasury to support the effective teaching of financial education in schools. MaPS has published financial education guidance for primary and secondary schools and the Department will deliver webinars for schools in due course. The MaPS guidance can be found here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The Department is providing £31 million of funding in 2023/24 to support secondary schools and colleges to deliver high quality careers education and work experience, including the national rollout of Careers Hubs.
The Careers and Enterprise Company (CEC) will ensure that Careers Hubs increase young peoples’ exposure to employers and to more in-depth workplace experiences. These experiences give young people a real feel for work and the knowledge they need to succeed.
Asked by: Lord Bishop of St Albans (Bishops - Bishops)
Question to the Department for Education:
To ask His Majesty's Government what steps they are taking to promote financial literacy in schools.
Answered by Baroness Barran - Parliamentary Under-Secretary (Department for Education)
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. The subject covers the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils are taught about income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
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, including, for example, using percentages. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues such as calculating loan repayments, interest rates and compound interest.
My right hon. Friend, the Prime Minister, has set out a new mission to ensure all pupils study some form of mathematics to 18. Studying mathematics to 18 will equip young people with the quantitative and statistical skills that they will need for the jobs of today and the future. This includes having the knowledge to feel confident with finances in later life, including things like finding the best mortgage deal or savings rate.
The Department works with the Money and Pensions Service (MaPS) and HM Treasury to support the effective teaching of financial education. MaPS has published financial education guidance for primary and secondary schools, and we will deliver a series of webinars in due course. The MaPS financial education guidance for primary and secondary schools can be found in the attached documents.
Asked by: Nadia Whittome (Labour - Nottingham East)
Question to the Department for Education:
To ask the Secretary of State for Education, with reference to Building Beyond Barriers – A roadmap for enhancing financial education in schools of the APPG on Financial Education for Young People, published on February 2023, if she will take steps to help ensure that all school-aged children receive financial education by 2030.
Answered by Nick Gibb
Financial education forms part of the National Curriculum for citizenship at Key Stages 3 and 4 but can be taught by all schools at all Key Stages. More information can be found here: https://www.gov.uk/national-curriculum. The subject covers the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils are taught income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
The mathematics curriculum includes an 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, including, for example, using percentages. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues, such as calculating loan repayments, interest rates and compound interest.
The Department works closely with the Money and Pensions Service (MaPS) and HM Treasury to consider the wide range of evidence for financial education and to explore the opportunities to improve availability of high quality financial education. MaPS has a statutory duty to develop and co-ordinate a national strategy to improve people’s financial capabilities and their ten year strategy, published in 2020, set out their national goal that two million more pupils and young people will receive a meaningful financial education by 2030. The strategy is supported by Delivery Plans for each nation of the UK and details can be found here:https://www.maps.org.uk/uk-strategy-for-financial-wellbeing/.
There is a wide range of support available. MaPS published financial education guidance for primary and secondary schools in England to support head teachers and education decision makers to enhance the financial education currently delivered in their schools. This guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
Asked by: Stephen Morgan (Labour - Portsmouth South)
Question to the Department for Education:
To ask the Secretary of State for Education, if she will take steps to ensure that all children in secondary schools receive financial education.
Answered by Nick Gibb
Financial education forms part of the citizenship National Curriculum at Key Stages 3 and 4, which is a statutory subject for Local Authority maintained schools, but can be taught by academies. Through citizenship, secondary school pupils are taught about income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
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, including, for example, using percentages. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues such as calculating loan repayments, interest rates and compound interest.
My right hon. Friend, the Prime Minister, has set out a new mission to ensure all pupils study some form of mathematics to age 18. Studying mathematics to 18 will equip young people with the quantitative and statistical skills that they will need for the jobs of today and the future. This includes having the right skills to feel confident with finances in later life, including finding the best mortgage deal or savings rate.
The Government is not planning to make an assessment of access to financial education in each region. The Money and Pensions Service (MaPS) has a statutory objective to develop and co-ordinate a national strategy to improve people’s financial capabilities. The strategy is supported by Delivery Plans for each nation of the UK and further details can be found here: https://www.maps.org.uk/uk-strategy-for-financial-wellbeing/.
As part of this, MaPS has published guidance to support head teachers to enhance their financial education provision, which is available here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The Department and MaPS are planning a series of joint financial education webinars during this academic year, aimed at promoting the importance of financial education, improving pupils’ knowledge and teachers’ confidence.
Asked by: Stephen Morgan (Labour - Portsmouth South)
Question to the Department for Education:
To ask the Secretary of State for Education, if she will make an assessment of the level of regional disparities in access to financial education.
Answered by Nick Gibb
Financial education forms part of the citizenship National Curriculum at Key Stages 3 and 4, which is a statutory subject for Local Authority maintained schools, but can be taught by academies. Through citizenship, secondary school pupils are taught about income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
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, including, for example, using percentages. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues such as calculating loan repayments, interest rates and compound interest.
My right hon. Friend, the Prime Minister, has set out a new mission to ensure all pupils study some form of mathematics to age 18. Studying mathematics to 18 will equip young people with the quantitative and statistical skills that they will need for the jobs of today and the future. This includes having the right skills to feel confident with finances in later life, including finding the best mortgage deal or savings rate.
The Government is not planning to make an assessment of access to financial education in each region. The Money and Pensions Service (MaPS) has a statutory objective to develop and co-ordinate a national strategy to improve people’s financial capabilities. The strategy is supported by Delivery Plans for each nation of the UK and further details can be found here: https://www.maps.org.uk/uk-strategy-for-financial-wellbeing/.
As part of this, MaPS has published guidance to support head teachers to enhance their financial education provision, which is available here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The Department and MaPS are planning a series of joint financial education webinars during this academic year, aimed at promoting the importance of financial education, improving pupils’ knowledge and teachers’ confidence.
Asked by: Taiwo Owatemi (Labour - Coventry North West)
Question to the Department for Education:
To ask the Secretary of State for Education, what steps she is taking to help improve the financial literacy of school children in Coventry North West constituency.
Answered by Nick Gibb
Education on financial matters helps to ensure that pupils are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed.
Financial education forms part of the citizenship curriculum at Key Stages 3 and 4, but can be taught at all Key Stages. More information on the National Curriculum can be found here: https://www.gov.uk/national-curriculum. The subject covers the functions and uses of money, the importance of personal budgeting, money management and managing financial risk. At secondary school, pupils are taught content on income and expenditure, credit and debt, insurance, savings, pensions, financial products and services and how public money is raised and spent.
The mathematics curriculum includes an 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 secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues such as calculating loan repayments, interest rates and compound interest.
The Money and Pensions Service (MaPS) has published guidance to support head teachers to enhance their financial education provision. This is available here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The Department and MaPS are planning a series of joint financial education webinars during this academic year, aimed at promoting the importance of financial education, improving pupils’ knowledge and teachers’ confidence.