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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

4 items
11 Recommendation Third Report - Delivering effective fin… Rejected

Cross-curricular financial education lacks coherence without a dedicated co-ordinator.

A cross-curricular approach in which aspects of financial education are taught in various subjects across the curriculum helps pupils to understand its relevance in different contexts. It also has the benefit of offering students some form of financial education, whatever their subject preferences may be. This approach, however, can lead …

Government response. The government declines to mandate or provide guidance for financial education coordinators, stating that schools are free to make such decisions themselves and referring to existing Maths Hubs. Broader curriculum changes will be considered following the Curriculum and Assessment Review.
Department for Education
12 Recommendation Third Report - Delivering effective fin… Rejected

Schools require more detailed guidance for appointing financial education co-ordinators.

We welcome the Money and Pension Service’s guidance on financial education, which sets out the benefits of appointing a financial education lead. Whilst we agree with Minister Hinds that each school is best placed to decide how to implement its financial education programme, we believe that providing schools with more …

Government response. The government explicitly states it has no plans to produce detailed guidance for schools on appointing and supporting financial education leads, maintaining that schools are best placed to make such decisions independently.
Department for Education
13 Recommendation Third Report - Delivering effective fin… Rejected

Produce detailed guidance for schools on appointing and supporting financial education leads.

We recommend that each school or Multi-Academy Trust (MAT) should consider having a financial education lead, who may be a teacher of mathematics, PSHE or citizenship, to co-ordinate financial education across the school curriculum. The Government should produce detailed guidance for MATs, teachers and school Delivering effective financial education 27 …

Government response. The government stated that it is up to schools and MATs to decide how to teach finance and deploy staff, so they are free to designate a financial education lead. However, the government explicitly stated it has no plans to …
Department for Education
18 Recommendation Third Report - Delivering effective fin… Rejected

Ensure comprehensive financial education training and CPD for all teachers.

The Department for Education should ensure that training in financial education is available to all teachers beginning their careers through initial teacher training provision, and that continued professional development opportunities and subject knowledge enhancement (SKE) in financial education are available and accessible for all teachers. The Department should ensure that …

Government response. The government stated that ITT providers determine their curriculum, and while financial literacy may be included, it does not prescribe it or commit to including it in the ECF or NPQs. It highlighted a completed £1.1 million grant programme from …
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 ↗