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Select Committee · Education Committee

Financial Education

Status: Closed Opened: 16 Nov 2023 Closed: 27 May 2024 19 recommendations 3 conclusions 1 report

The Education Committee will examine the current state of financial education in England and consider what steps need to be taken to ensure its delivery is improved, that schools and colleges are more confident in its application, and that pupils and students are better equipped for a fast-changing financial and economic world. The Committee will …

Clear

Reports

1 report
Title HC No. Published Items Response
Third Report - Delivering effective financial education HC 265 22 May 2024 22 Responded

Recommendations & Conclusions

2 items
1 Recommendation Third Report - Delivering effective fin… Acknowledged

Financial education in primary schools remains insufficient despite children's early financial exposure.

Whilst there are some examples of exemplary practice, in the main financial education in primary schools in England is insufficient and should be expanded. Children use money at an increasingly young age and with greater independence, often making transactions that are immediate and, at times, irreversible. Whilst this should in …

Government response. The government acknowledges the importance of maths for financial management and details existing efforts to improve early maths education and recruit maths teachers, but does not commit to specifically expanding financial education content in primary schools.
Department for Education
2 Conclusion Third Report - Delivering effective fin… Acknowledged

Early financial education in primary school is crucial for children's future financial literacy.

Effective financial education needs to begin early, during primary school years. We have heard evidence that the limited provision of financial education in primary school mathematics does not adequately prepare children for the fast-changing financial world in which they increasingly participate. Building a strong foundation for financial education at primary …

Government response. The government agreed that maths is fundamental for financial management and is committed to improving early maths education standards. It noted existing primary maths content that supports financial understanding and mentioned that the Curriculum and Assessment Review (CAR) would consider …
Department for Education

Oral evidence sessions

2 sessions
Date Witnesses
5 Mar 2024 Kate Dixon · Department for Education, Martin Lewis · moneysavingexpert.com, Rt Hon Damian Hinds MP · Department for Education, Russell Winnard · Young Enterprise View ↗
30 Jan 2024 Andrew Wilson · Santander UK, Jonathan Baggaley · PSHE Association, Liz Moorse · Association for Citizenship Teaching, Louise Hill · GoHenry, Mr Leon Ward · MyBnk, Sarah Hannafin · NAHT, Sharon Davies · Young Enterprise View ↗