The Bishop of St Albans received the following written answer on 9th May 2023:
The Lord Bishop of St Albans asked His Majesty’s Government, further to the Written Answer by Baroness Barran on 3 April (HL6647):
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- 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.
- what steps they are taking to provide financial education for those who leave school early.
The Bishop of St Albans asked a question on government efforts to promote financial literacy in schools on 20th April 2023:
The Lord Bishop of St Albans: To ask His Majesty’s Government what steps they are taking to promote financial literacy in schools.
Baroness Barran (Con): My Lords, we work closely with the Money and Pensions Service and the Treasury to support the effective teaching of financial education in schools. The Money and Pensions Service has published financial education guidance for primary and secondary schools and we will deliver webinars for schools in due course. Our national network of 40 maths hubs also supports schools to improve their mathematics teaching, including financial content in the mathematics curriculum, based on best practice from east Asia.
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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.
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On 19th June 2019 a Government statement on new plans to help people dealing with problem debt was repeated in the House of Lords. The Bishop of Leeds, Rt Revd Nick Baines, welcomed the statement and asked a follow-up question:
Bishop of Leeds: My Lords, I welcome this Statement, and thank the Minister for repeating it. I also want to note the work that the Church of England and the Children’s Society have done promoting these matters. I am particularly pleased that public and utilities debt is to be included in this, but—taking advice from Donald Tusk, who said “Don’t waste the extension”—can the Minister say who will ensure that plans are put in place for sustainable debt resolution? It was said that debtors will have to seek professional advice. How will that be ensured, so that we do not simply prolong the problem of debt where it will be exacerbated? Secondly—and I am sorry if I missed this in the Statement—when might we expect the new regulations to be published?
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On the 8th March the Second Church Estates Commissioner, the Rt Hon Dame Caroline Spelman MP answered written and oral questions in the House of Commons. Questions covered a range of issues including the Church Investors Group, digital connectivity, environmental taxation, homelessness, the Holy Sepulchre, church infrastructure and financial education in church schools.
Continue reading “Church Commissioner Questions, Church Investors Group, Digital Connectivity, Environmental Taxation, Homelessness, the Holy Sepulchre, Church Infrastructure and Financial Education”
On the 18 December 2017 Baroness Tyler of Enfield led a debate on the report of the Select Committee on Financial Exclusion – Tackling Financial Exclusion: A country that works for everyone?
(Session 2016-17, HL Paper 132
). The Bishop of Birmingham, the Rt Revd David Urquhart was a member of the Committee, and spoke in the debate:
The Lord Bishop of Birmingham: My Lords, as we resume the debate on Tackling Financial Exclusion: A Country that Works for Everyone?, there can be no more poignant reminder of the issues raised in the committee’s report and the seriousness with which we need to take its challenge. As the Bishop of Kensington said in the service [for Grenfell Tower survivors and community] just mentioned by the noble Lord, Lord Bourne, we can be too wrapped up in our own interests and prosperity, but we might just now turn outwards towards each other—a society known for listening, compassion and love.
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In Church Commissioners Question TIme on Thursday 29th January 2015, the Rt Hon. Sir Tony Baldry MP answered questions on the Archbishop of York’s Book ‘On Rock Or Sand’, Medical Ethics of Mitochondrial Transfer, the Anglican Communion, Financial Education, Women Bishops and Bats in Churches
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“These loans are not being taken seriously by young people, serious though they are. We have allowed them to take over our televisions and radios, normalising them to the point where their use is seen as casual. Just this morning I was told the story of a young woman who took out a payday loan to pay for a Domino’s pizza. That could prove to be a very expensive pizza indeed.”- Bishop of Norwich, 3/11/14
On 3rd November 2014, the Bishop of Norwich, the Rt Revd Graham James, took part in the Committee Stage of the Government’s Consumer Rights Bill, speaking in favour of an amendment to regulate the advertising of payday loans to children. The Bishop highlighted the pervasiveness of pre-wateshed advertising of payday loans, and the fact that young parents were far more likely to take out a loan than older parents. He also called for greater investment in financial education.
The amendment, which was co-sponsored by the Bishop of Truro, was withdrawn at the end of the debate, with its supporters calling for the Government to take further action before the Bill returned for its Report Stage.
The Lord Bishop of Norwich: My Lords, I rise to support the noble Lord, Lord Alton, and to speak to Amendment 105B, in the name of my colleague the right reverend Prelate the Bishop of Truro, on the advertising of payday loans. He cannot be here today but has been working very closely with the Children’s Society on this issue. Amendment 105B seeks to make provisions to restrict the times at which payday loan advertisements are shown, most specifically in relation to the watershed.
It surprised me to discover that, according to Ofcom, no less than 80% of all payday loan advertisements are shown before the watershed. It is therefore no surprise—to pick up on some of the statistics that the noble Lord, Lord Alton, mentioned—that the Children’s Society found in its survey that over half of all children aged 10 to 17 reckon that they see payday loan advertisements either “often” or “all the time”. It is the sheer quantity of these advertisements that normalises payday loans for children and young people. The research shows that one-third of all teenagers think that the payday loan adverts themselves are tempting and exciting—they are very well designed. Those teenagers are much more likely than their counterparts to say that they would consider taking out a payday loan in the future. Continue reading “Bishop of Norwich supports ban on pre-watershed payday loan advertising”
On 16th June 2014, the Bishop of St Albans, the Rt Revd Alan Smith, received answers to two written questions on financial education.
Financial Services: Education
The Lord Bishop of St Albans: To ask Her Majesty’s Government how they intend to ensure that financial education is taught, to a high standard, in non-state-maintained secondary schools.
The Parliamentary Under-Secretary of State for Schools (Lord Nash): Independent Schools in England do not have to follow the national curriculum, though they do have to have a curriculum which gives pupils experience in linguistic, mathematical, scientific, technological, human and social, physical and aesthetic and creative education.
We will shortly be consulting on strengthening the standards which independent schools must meet, but there are no plans to introduce a requirement on financial education.
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