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<p>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.</p><p>The department has introduced a rigorous mathematics
curriculum, which provides young people with the knowledge and financial skills to
make important financial decisions. In the primary mathematics curriculum, there is
a strong emphasis on the essential arithmetic knowledge that pupils should be taught.
This knowledge is vital, as a strong grasp of numeracy and numbers will underpin pupils’
ability to manage budgets and money, including, for example, using percentages. There
is also some more specific content about financial education, such as calculations
with money.</p><p>In 2014, financial literacy was made statutory within the national
curriculum as part of the citizenship curriculum for 11 to 16 year-olds. To enable
schools to plan their whole curriculum, we also published a non-statutory citizenship
curriculum for key stage 1 and key stage 2. This curriculum is clear that, by the
end of primary education, pupils should be taught how to look after their money and
realise that future wants and needs may be met through saving.</p><p>Primary schools
are free to include additional content on financial management in their curricula,
including working with external experts. However, the department does not monitor
this and trusts schools to use their professional judgement and understanding of their
pupils to develop the right teaching approach for their particular context.</p><p>The
Money and Pensions Service (MaPS) published financial education guidance for primary
and secondary schools in England on 11 November 2021, during Talk Money week. Further
information on this can be found at: <a href="https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/"
target="_blank">https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/</a>.</p><p>The
department provided a supportive foreword for the guidance, which is aimed at encouraging
conversations about money in the classroom by setting out ten steps schools can take
to boost the delivery of financial education. The guidance was developed in consultation
with financial education experts and is designed to support school leaders and education
decision makers to enhance the financial education currently delivered in their schools
to make it memorable and impactful. The department supported MaPS with their communications
activities during Talk Money week and is looking for future appropriate opportunities
to promote the guidance.</p><p>The department will continue to work closely with the
MaPS and other organisations such as Her Majesty's Treasury, to consider learning
from other sector initiatives and whether there is scope to provide further support
for the teaching of financial education in schools.</p>
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