Select committee: Education Committee
Recommendation 7
Third Report - Delivering effective financial education
Published 22 May 2024
Paragraph 30
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)
Beyond pure mathematics, as we recommend in our report on post-16 qualifications, the Department should explore means of increasing the take up of core mathematics and functional skills courses, but it should also consider offering a specific qualification in financial literacy which could fit into the Advanced British Standard as a minor subject. This would provide opportunities for progression for students who may not be able to take A level mathematics but show an interest or aptitude in improving their financial knowledge. This could also be a useful alternative to the GCSE retake for those who do not achieve a grade 4 or above in mathematics.
From: Education Committee, Third Report - Delivering effective financial education (HC 265), paragraph 30, 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".