Select committee: Education Committee
Recommendation 20
Third Report - Delivering effective financial education
Published 22 May 2024
Paragraph 72
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)
The Department for Education should work with Ofsted to review how it can improve its evaluation of financial education. We recommend that citizenship provision be inspected under the quality of education key judgement and personal development. The Department should take note of the Committee’s Fourth Report of Session 2022– 23 and its recommendation that Ofsted should evaluate schools’ achievement of the Gatsby benchmarks.
From: Education Committee, Third Report - Delivering effective financial education (HC 265), paragraph 72, 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".