The Bishop of St Albans received the following written answer on 17th April 2023:
The Lord Bishop of St Albans asked His Majesty’s Government what steps they are taking to promote financial literacy in schools.
Baroness Barran (Con): 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 [on Hansard].
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