Source · Select Committees · Education Committee
Recommendation 5
5
Accepted
Prioritise comprehensive financial education for 16-18 year olds within continued mathematics learning.
Recommendation
Financial education is crucial for 16-to-18 year-olds, many of whom are transitioning into the workplace, paying taxes, considering applying for a student loan, and living away from home for the first time. Yet it is post-16 students who miss out on any form of compulsory financial education. Providing post-16 students with a comprehensive financial education as part of its plans to continue maths education to the age of 18 should be a priority for the Government. Recruiting and retaining a sufficient number of teachers to teach mathematics is already a challenge but Government must address if it is to expand the delivery of mathematics to the age of 18. (Paragraph 28) 26 Delivering effective financial education
Government Response Summary
The government stated that existing financial education qualifications and pathways are available for 16-19 year-olds, and the Curriculum and Assessment Review (CAR) will determine future pathways. Regarding teacher recruitment, it outlined current financial incentives, bursaries, and scholarships to address shortages, effectively pointing to ongoing efforts.
Government Response
Accepted
HM Government
Accepted
The Advanced British Standard proposals were published under the previous administration. The CAR will seek to ensure all young people aged 16 to 19 have access to rigorous and high-value qualifications and training pathways that will give them the skills they need to thrive in the future. There is already a range of financial education qualifications available for 16 to 19 year-old students to study. This includes qualifications and courses at levels 1 and 2 for lower attaining GCSE students to support their financial literacy, as well as new qualifications at level 3, such as the T Level in Finance for those wishing to pursue a career in the industry. Students on a 16 to 19 study programme, who have not attained a level 2 qualification in their maths at 16, are required to continue studying maths. Updates to the maths and English condition of funding have been announced to enable all students to access support that leads to the best outcomes for them. For the 2024 to 2025 academic year, this requires 4 hours of maths teaching a week... From the 2025 to 2026 academic year, the maths and English condition of funding will require providers to offer these students 100 hours of maths teaching... Functional Skills Qualifications (FSQ) are designed to give students the skills needed for everyday life and work. The FSQ maths subject content covers elements of personal finance explicitly, e.g. students at level 1 are expected to be able to calculate simple interest and students at level 2 are expected to be able to calculate amounts of money, compound interest, and discounts including tax and simple budgeting. FSQ also delivers the wider maths skills needed for personal finance, which teachers can contextualise in their teaching. Regarding recruitment and retention of maths teachers: High quality teaching is the biggest in-school and college factor that makes a difference to young people’s outcomes, but there are shortages of qualified teachers across the country. This is why we will recruit an additional 6,500 new expert teachers... Financial incentives are one of the most effective ways to increase teacher supply. This includes bursaries of £29,000 tax-free and scholarships of £31,000 tax-free for trainee maths teachers. For the 2024 to 2025 and 2025 to 2026 academic years, the Department for Education is offering a Targeted Retention Incentive worth up to £6,000 after tax for maths... teachers in the first 5 years of their careers who choose to work in disadvantaged schools...