Source · Select Committees · Education Committee
Recommendation 7
7
Deferred
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Consider offering a specific financial literacy qualification as minor subject in Advanced British Standard.
Recommendation
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.
Government Response Summary
The government defers to the Curriculum and Assessment Review for future qualification pathways, stating that a range of financial education qualifications already exist for 16-19 year olds. It also outlines current efforts to recruit and retain maths teachers.
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30
Government Response
Deferred
HM Government
Deferred
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...