Financial Services: Children

Treasury written question – answered on 2nd February 2023.

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Photo of Steve McCabe Steve McCabe Labour, Birmingham, Selly Oak

To ask the Chancellor of the Exchequer, what steps his Department is taking to help improve financial inclusion for people under 18.

Photo of Stephen Hammond Stephen Hammond Conservative, Wimbledon

To ask the Chancellor of the Exchequer, what steps his Department is taking to improve financial inclusion of under-18s.

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury

The Government wants to ensure that people, regardless of their background or income, have access to useful and affordable financial products and services and is committed to ensuring that people build financial capability. This means they are able to use, and maximise their use of, products and services made available by the financial services industry.

To promote financial inclusion and capability, the Government works closely together with regulators and stakeholders from the public, private and third sectors. For people under the age of 18, economic and financial education are important parts of a broad and balanced curriculum that provide the essential knowledge to ensure that young people are prepared to manage money well and make sound financial decisions.

Financial education is a statutory part of the national citizenship curriculum for 11- to 16-year-olds in England and primary schools can choose to teach citizenship, using non-statutory programmes of study.

To further support schools to deliver high quality financial education, the Money and Pensions Service published financial education guidance for schools in England in 2021. This guidance supports school leaders and education decision makers to enhance the financial education currently delivered in their schools.

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