Financial Services: Primary Education

Department for Education written question – answered on 17th November 2020.

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Photo of Lee Anderson Lee Anderson Conservative, Ashfield

To ask the Secretary of State for Education, with reference to Talk Money Week, what plans he has to promote conversations about money to pupils in primary schools to help build their financial resilience to future economic challenges; and if he will make a statement.

Photo of Nick Gibb Nick Gibb Minister of State (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. 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 stages one to four.

In the primary mathematics curriculum, there is a strong emphasis on the essential arithmetic that pupils should have. This knowledge is vital, as a strong understanding of numeracy and numbers will underpin the 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.

Schools should 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.

Over 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.

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