Source · Select Committees · Education Committee
Recommendation 15
15
Accepted
Paragraph: 55
Curate and promote high-quality financial education materials for teachers and pupils.
Recommendation
The Department for Education, working with subject associations, professional bodies, the Money and Pensions Service, and other government departments, should curate and promote a selection of high-quality financial education teaching materials and make these easily accessible to teachers and pupils.
Government Response Summary
The government states it will consider further teaching support suitability after the CAR outcomes but details existing collaborations with the Money and Pensions Service and other departments to signpost and quality assure resources, including the Financial Education Quality Mark, Young Money Resource Hub, Oak Academy lessons, HMRC's Tax Facts, and Home Office fraud resources.
Paragraph Reference:
55
Government Response
Accepted
HM Government
Accepted
The government will consider further the suitability of teaching support available to schools in the light of the CAR outcomes. In the meantime, there is some central support available and the Department for Education works closely with the Money and Pensions Service and across government to promote initiatives to support high quality financial education in schools. The Money and Pensions Service, which has a statutory duty to coordinate the UK Strategy for Financial Wellbeing 202012, signposts quality assured resources through their guidance for schools13. The Financial Education Quality Mark14, funded by the Money and Pensions Service and delivered by Young Enterprise, quality assures resources for teachers and others to support the provision of financial education. Resources with the financial education quality mark are freely available on the Young Money Resource Hub15. As noted in earlier in our response, Oak has produced maths resources, with additional lessons on financial education and applying maths in real life contexts across key stages 1 to 4 expected 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. His Majesty’s Revenue and Customs (HMRC) has created Tax Facts16, a curriculum-linked educational programme, which gives young people an introduction to the concept of taxation and the important role tax and HMRC play in society. HMRC volunteers are available to deliver Tax Facts in schools, and the resources are also available for teachers to download and deliver themselves. The Home Office has worked in partnership with the Association for Citizenship Teaching and the National Crime Agency to develop teaching resources17 to help protect young people from the risks of fraud. Alongside the resources, the Home Office also rolled out a four-part teacher training course during the 2023 to 2024 academic year.