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<p>Education on financial matters ensures that young people are prepared to manage
their money, make sound financial decisions and know where to seek further information,
if required. 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.</p><p>The
Department also introduced a rigorous mathematics curriculum, which provides pupils
with the knowledge and 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.</p><p>In
the primary mathematics curriculum, there is a strong emphasis on the 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. There is
also some specific content about financial education such as calculations with money.</p><p>The
Department trusts schools to 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.</p><p>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. The
Department’s latest guidance on teaching to support children is set out here: <a href="https://www.gov.uk/government/publications/actions-for-schools-during-the-coronavirus-outbreak/guidance-for-full-opening-schools"
target="_blank">https://www.gov.uk/government/publications/actions-for-schools-during-the-coronavirus-outbreak/guidance-for-full-opening-schools</a>.</p><p>The
Department’s £1 billion COVID-19 “catch-up” package with £650 million shared across
schools over the 2020/21 academic year will support education settings to put the
right catch-up support in place. More information is available at: <a href="https://www.gov.uk/government/news/billion-pound-covid-catch-up-plan-to-tackle-impact-of-lost-teaching-time"
target="_blank">https://www.gov.uk/government/news/billion-pound-covid-catch-up-plan-to-tackle-impact-of-lost-teaching-time</a>.
The Education Endowment Foundation have published a COVID-19 support guide to support
schools to direct this funding. This guide can be viewed at: <a href="https://educationendowmentfoundation.org.uk/covid-19-resources/national-tutoring-programme/covid-19-support-guide-for-schools/#closeSignup"
target="_blank">https://educationendowmentfoundation.org.uk/covid-19-resources/national-tutoring-programme/covid-19-support-guide-for-schools/#closeSignup</a>.</p><p>For
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<em>.</em></p>
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