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1582829

registered interest
date	01/02/2023
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Financial Services: Education
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, if she will make an assessment of the level of regional disparities in access to financial education.
tabling member constituency	Portsmouth South
tabling member printed	Stephen Morgan
uin	138000
answer	answer is ministerial correction date of answer 09/02/2023 answer text <p>Financial education forms part of the citizenship National Curriculum at Key Stages 3 and 4, which is a statutory subject for Local Authority maintained schools, but can be taught by academies. Through citizenship, 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.</p><p>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.</p><p>My right hon. Friend, the Prime Minister, has set out a new mission to ensure all pupils study some form of mathematics to age 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 right skills to feel confident with finances in later life, including finding the best mortgage deal or savings rate.</p><p>The Government is not planning to make an assessment of access to financial education in each region. The Money and Pensions Service (MaPS) has a statutory objective to develop and co-ordinate a national strategy to improve people’s financial capabilities. The strategy is supported by Delivery Plans for each nation of the UK and further details can be found here: <a href="https://www.maps.org.uk/uk-strategy-for-financial-wellbeing/" target="_blank">https://www.maps.org.uk/uk-strategy-for-financial-wellbeing/</a>.</p><p>As part of this, MaPS has published guidance to support head teachers to enhance their financial education provision, which is available here: <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 and MaPS are planning a series of joint financial education webinars during this academic year, aimed at promoting the importance of financial education, improving pupils’ knowledge and teachers’ confidence.</p> answering member constituency Bognor Regis and Littlehampton answering member printed Nick Gibb grouped question UIN 138001 question first answered 09/02/2023 13:48:52 answering member 111 label Biography information for Nick Gibb
tabling member	4653 label Biography information for Stephen Morgan

1582830

registered interest
date	01/02/2023
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Financial Services: Education
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, if she will take steps to ensure that all children in secondary schools receive financial education.
tabling member constituency	Portsmouth South
tabling member printed	Stephen Morgan
uin	138001
answer	answer is ministerial correction date of answer 09/02/2023 answer text <p>Financial education forms part of the citizenship National Curriculum at Key Stages 3 and 4, which is a statutory subject for Local Authority maintained schools, but can be taught by academies. Through citizenship, 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.</p><p>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.</p><p>My right hon. Friend, the Prime Minister, has set out a new mission to ensure all pupils study some form of mathematics to age 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 right skills to feel confident with finances in later life, including finding the best mortgage deal or savings rate.</p><p>The Government is not planning to make an assessment of access to financial education in each region. The Money and Pensions Service (MaPS) has a statutory objective to develop and co-ordinate a national strategy to improve people’s financial capabilities. The strategy is supported by Delivery Plans for each nation of the UK and further details can be found here: <a href="https://www.maps.org.uk/uk-strategy-for-financial-wellbeing/" target="_blank">https://www.maps.org.uk/uk-strategy-for-financial-wellbeing/</a>.</p><p>As part of this, MaPS has published guidance to support head teachers to enhance their financial education provision, which is available here: <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 and MaPS are planning a series of joint financial education webinars during this academic year, aimed at promoting the importance of financial education, improving pupils’ knowledge and teachers’ confidence.</p> answering member constituency Bognor Regis and Littlehampton answering member printed Nick Gibb grouped question UIN 138000 question first answered 09/02/2023 13:48:52 answering member 111 label Biography information for Nick Gibb
tabling member	4653 label Biography information for Stephen Morgan

1250777

registered interest
date	11/11/2020
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Financial Services: Education
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, what recent assessment his Department has made of the adequacy of provision of financial education at a primary education level; if he will make an assessment of the potential contribution of Talk Money Week to improving that provision; and if he will make a statement on the educational value of talking about money with children and young people.
tabling member constituency	Portsmouth South
tabling member printed	Stephen Morgan
uin	114304
answer	answer is ministerial correction date of answer 23/11/2020 answer text <p>Education on financial matters ensures that pupils are well 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 supports wider initiatives that aim to improve financial confidence, such as Talk Money Week, led by the Money and Pensions Service (MaPS). Talk Money Week is a platform for all UK citizens that aims to encourage open discussions at home, within families and at school about managing money. More information is available at: <a href="https://maps.org.uk/talk-money-week/" target="_blank">https://maps.org.uk/talk-money-week/</a><em>. </em></p><p>The Department does not plan to make its own assessment of the contribution of Talk Money Week to improving the provision of financial education at primary education level. We will continue to work closely with the MaPS and other stakeholders such as Her Majesty’s Treasury to consider what can be learnt from such initiatives and how to provide further support for the teaching of financial education in schools<em>.</em></p> answering member constituency Bognor Regis and Littlehampton answering member printed Nick Gibb question first answered 23/11/2020 15:42:38 answering member 111 label Biography information for Nick Gibb
tabling member	4653 label Biography information for Stephen Morgan