Source · Select Committees · Education Committee
Recommendation 4
4
Deferred
Paragraph: 22
Review mathematics curriculum urgently to expand financial education across primary and secondary levels.
Recommendation
We recommend that the Government urgently reviews the contents of the mathematics curriculum from key stage 1 to key stage 4 in order to expand the provision and relevance of financial education at primary and secondary school level. This need not require a re-drawing of the national curriculum itself but could be achieved through a model curriculum approach to enhance and enrich mathematics with financial knowledge. Whether through curriculum enhancement or reform, more financial content must be incorporated into the mathematics curricula to ensure that young people at every level are developing financial literacy as a fundamental part of their mathematical knowledge and fluency. This needs careful sequencing to deliver age- appropriate content. Whilst the Oak National Academy may prove a useful mechanism for delivering this to teachers, it should not be the only vehicle for delivering such an important development.
Government Response Summary
The government agreed on the importance of maths for financial management, noting existing relevant content in the curriculum. It stated that the Curriculum and Assessment Review (CAR) will consider how to deliver a broad curriculum, and Oak National Academy will release new financial education resources by Spring 2025. A full review of the curriculum content is largely deferred to the CAR outcomes.
Paragraph Reference:
22
Government Response
Deferred
HM Government
Deferred
The government agrees that maths is a fundamental skill that underpins effective financial management, including financial risk, and the confident and competent application of financial skills and tools. The primary maths curriculum includes arithmetic knowledge that supports pupils’ ability to manage budgets and money, including, for example, calculations with money and percentages. In secondary maths, pupils are taught topics such as how to calculate compound interest, which is relevant for personal finance. As noted above, the CAR, covering ages 5 to 18, will seek to deliver a rich and broad curriculum that readies young people for life and work. Maths is one part of the review which aims to secure excellent foundations for all pupils. The review will consider children and young people’s education and experiences from the beginning of key stage 1 through to key stage 5, ensuring that children build on their learning and development in the early years. The government notes the Committee’s recommendation that more financial content should be incorporated into the maths curriculum. The committee mentions the Oak National Academy (Oak). An independent evaluation8 shows that Oak was used by around 1 in 3 teachers in the 2023 to 2024 academic year, across all types of school and school phase. Maths resources were the most popular among schools, accounting for 21% of all resources used. Now that Oak has completed its initial curriculum resources for maths, it will be producing additional lessons on financial education and applying maths in real life contexts across key stages 1 to 4. These are expected to be available from spring 2025. Lessons on finance and the economy also feature in Oak’s new citizenship curriculum, launched earlier this academic year. Teaching resources for these lessons will be released by autumn 2025. We will consider further the suitability of support available to schools in the light of the CAR outcomes.