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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 … Show more

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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
8 Recommendation Third Report - Delivering effective fin… Not Addressed

Broaden mathematics teacher recruitment beyond traditional qualifications for financial and contextual education.

The Department should carefully consider the requirements for teaching such a course and could take the opportunity to broaden mathematics recruitment behind those with a degree or A level in the subject to ensure there is a sufficient cohort of qualified teachers who can deliver financial education and contextual mathematics. Read more

Government response AI summary
The government discusses existing financial education qualifications and general maths teacher recruitment strategies, including financial incentives, but does not specifically address the recommendation to broaden mathematics teacher recruitment criteria beyond those with a degree or A level.
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Department for Education
19 Recommendation Third Report - Delivering effective fin… Not Addressed

Evaluate Citizenship provision within Ofsted's quality of education key judgement, alongside personal development.

Ofsted’s inadequate evaluation of financial education in schools undermines the importance of financial education and adversely affects how it is viewed and prioritised by teachers and school leaders. Citizenship in particular is not being appropriately assessed by Ofsted. Inspection under the personal development judgement alone is not the right accountability … Read more

Government response AI summary
The government explained that Ofsted's current regime already considers a broad curriculum and personal development, and financial education may be included in maths deep dives or citizenship assessments. It noted Ofsted will be consulting on a new education inspection framework and report cards, but did …
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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 ↗

Who gave evidence

11 witnesses
WitnessOrganisationSessions
Andrew Wilson · Director of Communications and Responsible Banking Santander UK 1
Jonathan Baggaley · Chief Executive PSHE Association 1
Kate Dixon · Director of Pupil Wellbeing and Safety Department for Education 1
Liz Moorse · Chief Executive Association for Citizenship Teaching 1
Louise Hill · Co-Founder and CEO GoHenry 1
Martin Lewis · Broadcaster and Founder moneysavingexpert.com 1
Mr Leon Ward · CEO MyBnk 1
Rt Hon Damian Hinds MP · Minister of State for Schools Department for Education 1
Russell Winnard · Chief Operating Officer Young Enterprise 1
Sarah Hannafin · Head of Policy NAHT 1
Sharon Davies · CEO Young Enterprise 1