Select committee: Education Committee
Recommendation 4
Third Report - Delivering effective financial education
Published 22 May 2024
Paragraph 22
Addressed to Department for Education
Education Committee Financial Education All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Recommendation (the committee's words)
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.
From: Education Committee, Third Report - Delivering effective financial education (HC 265), paragraph 22, 22 May 2024
Government response
The government responded to the whole report on 16 January 2025 (deadline 22 July 2024).
Summary written by Accountability Index from the government's response. It is not the government's own words.The government says it will "consider" the report's findings "carefully", states that it agrees on teacher supply and teacher support, and leaves curriculum decisions to the Curriculum and Assessment Review.
- On more financial content in the maths curriculum, the government "notes" the recommendation and says it "will consider further" the support available to schools "in the light of the CAR outcomes".
- Oak National Academy is "expected" to make additional lessons on financial education and applying maths available "from spring 2025".
- On financial education leads, the government says schools are "free to designate a teacher" and that it "currently has no plans" to produce guidance on appointing or supporting them.
- On the PISA financial literacy assessment, the government says it is not offered in the 2025 cycle, but the Department "will consider participation" in the 2029 cycle "after mid-2026".