Select committee: Education Committee
Conclusion 21
Third Report - Delivering effective financial education
Published 22 May 2024
Paragraph 80
Addressed to Department for Education
Education Committee Financial Education All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
The OECD’s internationally renowned PISA assessments, which examine the education performance of children in different subjects, include an assessment of financial education; England and each of the UK nations has currently opted out of participating in this. The Minister told us that this was to reduce the burden on teachers and because, in his view, participation in the mathematics section of PISA was sufficient. Whilst we accept that there is some correlation between outcomes for the mathematics and financial literacy PISA assessments, results in the former do not necessarily reflect performance in the latter. Participating in the financial literacy assessment would demonstrate the Government’s commitment to improving financial education in England and give the subject more prominence. The emphasis that the Prime Minster has placed on financial literacy surely means he should want the UK to be showing a lead in this area. If other devolved nations chose to follow such an approach it would allow for useful and valuable comparisons between them and the English system.
From: Education Committee, Third Report - Delivering effective financial education (HC 265), paragraph 80, 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".