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Third Report - Delivering effective financial education

Education Committee HC 265 Published 22 May 2024
Report Status
Government responded
Conclusions & Recommendations
22 items (19 recs)
Government Response
AI assessment · 22 of 22 classified
Accepted 5
Accepted in Part 1
Acknowledged 2
Deferred 8
Not Addressed 2
Rejected 4
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Recommendations

19 results
1 Acknowledged
Para 14

Financial education in primary schools remains insufficient despite children's early financial exposure.

Recommendation
Whilst there are some examples of exemplary practice, in the main financial education in primary schools in England is insufficient and should be expanded. Children use money at an increasingly young age and with greater independence, often making transactions that … Read more
Government Response Summary
The government acknowledges the importance of maths for financial management and details existing efforts to improve early maths education and recruit maths teachers, but does not commit to specifically expanding financial education content in primary schools.
Department for Education
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3 Deferred
Para 21

Insufficient time dedicated to financial education in secondary school mathematics curriculum.

Recommendation
The amount of delivery time dedicated to financial education in secondary school mathematics is insufficient and does not reflect the importance of personal financial literacy or the emphasis which has been placed on it by the Government. More financial content, … Read more
Government Response Summary
The government acknowledged the importance of maths for financial management, highlighting existing relevant content in the secondary curriculum. It indicated that the Curriculum and Assessment Review (CAR) will seek to deliver a broad curriculum. Additionally, Oak National Academy plans to release new financial education resources for various key stages by Spring 2025.
Department for Education
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4 Deferred
Para 22

Review mathematics curriculum urgently to expand financial education across primary and secondary levels.

Recommendation
We recommend that the Government urgently reviews the contents of the mathematics curriculum from key stage 1 to key stage 4 in order to expand the provision and relevance of financial education at primary and secondary school level. This need … Read more
Government Response Summary
The government agreed on the importance of maths for financial management, noting existing relevant content in the curriculum. It stated that the Curriculum and Assessment Review (CAR) will consider how to deliver a broad curriculum, and Oak National Academy will release new financial education resources by Spring 2025. A full review of the curriculum content is largely deferred to the CAR outcomes.
Department for Education
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5 Accepted

Prioritise comprehensive financial education for 16-18 year olds within continued mathematics learning.

Recommendation
Financial education is crucial for 16-to-18 year-olds, many of whom are transitioning into the workplace, paying taxes, considering applying for a student loan, and living away from home for the first time. Yet it is post-16 students who miss out … Read more
Government Response Summary
The government stated that existing financial education qualifications and pathways are available for 16-19 year-olds, and the Curriculum and Assessment Review (CAR) will determine future pathways. Regarding teacher recruitment, it outlined current financial incentives, bursaries, and scholarships to address shortages, effectively pointing to ongoing efforts.
Department for Education
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6 Deferred
Para 29

Ensure compulsory mathematics programme to age 18 includes financial literacy and boost teacher recruitment.

Recommendation
We welcome the Government’s proposals to make mathematics compulsory learning for all students up to the age of 18. Whichever form this takes, whether through the Advanced British Standard or otherwise, the Government must ensure that the mathematics programme includes … Read more
Government Response Summary
The government refers to the Curriculum and Assessment Review for future qualification pathways and highlights existing financial education qualifications and maths study requirements. It details ongoing financial incentives and recruitment efforts for maths teachers.
Department for Education
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7 Deferred
Para 30

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 … Read more
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.
Department for Education
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8 Not Addressed
Para 31

Broaden mathematics teacher recruitment beyond traditional qualifications for financial and contextual education.

Recommendation
The Department should carefully consider the requirements for teaching such a course and could take the opportunity to broaden mathematics recruitment behind those with a degree or A level in the subject to ensure there is a sufficient cohort of … Read more
Government Response Summary
The government discusses existing financial education qualifications and general maths teacher recruitment strategies, including financial incentives, but does not specifically address the recommendation to broaden mathematics teacher recruitment criteria beyond those with a degree or A level.
Department for Education
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9 Deferred
Para 37

Statutory economic and financial PSHE elements effectively expand financial education.

Recommendation
Making the economic and financial elements of PSHE education statutory at primary and secondary school level appears to us to be a simple and effective way of expanding financial education at both levels and signalling the increased importance of the … Read more
Government Response Summary
The government points to existing RSHE content that complements financial education and states schools are free to teach more. It will consider consultation responses on RSHE statutory guidance before making further decisions, with a broader Curriculum and Assessment Review also underway.
Department for Education
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10 Deferred
Para 38

Make regulations for compulsory personal and societal financial education in schools.

Recommendation
The Secretary of State should make regulations, using powers under section 35 of the Children and Social Work Act 2017, to provide for the personal and societal elements of financial education to be taught compulsorily in schools.
Government Response Summary
The government stated that existing RSHE and maths curricula already include complementary financial education content and that schools are free to teach more. It will consider consultation responses for RSHE guidance and await the outcomes of the wider Curriculum and Assessment Review before setting out next steps, effectively deferring a decision on compulsory financial education.
Department for Education
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11 Rejected
Para 44

Cross-curricular financial education lacks coherence without a dedicated co-ordinator.

Recommendation
A cross-curricular approach in which aspects of financial education are taught in various subjects across the curriculum helps pupils to understand its relevance in different contexts. It also has the benefit of offering students some form of financial education, whatever … Read more
Government Response Summary
The government declines to mandate or provide guidance for financial education coordinators, stating that schools are free to make such decisions themselves and referring to existing Maths Hubs. Broader curriculum changes will be considered following the Curriculum and Assessment Review.
Department for Education
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12 Rejected
Para 45

Schools require more detailed guidance for appointing financial education co-ordinators.

Recommendation
We welcome the Money and Pension Service’s guidance on financial education, which sets out the benefits of appointing a financial education lead. Whilst we agree with Minister Hinds that each school is best placed to decide how to implement its … Read more
Government Response Summary
The government explicitly states it has no plans to produce detailed guidance for schools on appointing and supporting financial education leads, maintaining that schools are best placed to make such decisions independently.
Department for Education
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13 Rejected

Produce detailed guidance for schools on appointing and supporting financial education leads.

Recommendation
We recommend that each school or Multi-Academy Trust (MAT) should consider having a financial education lead, who may be a teacher of mathematics, PSHE or citizenship, to co-ordinate financial education across the school curriculum. The Government should produce detailed guidance … Read more
Government Response Summary
The government stated that it is up to schools and MATs to decide how to teach finance and deploy staff, so they are free to designate a financial education lead. However, the government explicitly stated it has no plans to produce guidance to support the appointment and support of such roles, effectively rejecting that part of the recommendation.
Department for Education
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14 Accepted
Para 54

Simplify access and selection of high-quality financial education teaching materials for teachers.

Recommendation
There is no shortage of financial education teaching materials, yet the evidence tells us that these materials are often unsuitable, the sheer quantity is unhelpful to teachers looking for appropriate resources and that, consequently, they are not being utilised in … Read more
Government Response Summary
The government will consider the suitability of teaching support after the CAR outcomes, but highlights existing central support, including Money and Pensions Service guidance, the Financial Education Quality Mark, Oak Academy resources, HMRC's Tax Facts, and Home Office materials, to help teachers find high-quality resources.
Department for Education
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15 Accepted
Para 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. Read more
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.
Department for Education
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17 Accepted
Para 64

Offer financial education training early in teacher careers through ITT.

Recommendation
Training in financial education must be offered at an early stage of a teacher’s career through initial teacher training (ITT). Incorporating financial education training from an early stage provides teachers with a foundation on which they can build their knowledge, … Read more
Government Response Summary
The government states it does not prescribe ITT curriculum content, leaving it to accredited providers. However, it highlights existing support for financial education training through the Money and Pensions Service grant programme, which demonstrated positive outcomes for teachers and pupils.
Department for Education
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18 Rejected

Ensure comprehensive financial education training and CPD for all teachers.

Recommendation
The Department for Education should ensure that training in financial education is available to all teachers beginning their careers through initial teacher training provision, and that continued professional development opportunities and subject knowledge enhancement (SKE) in financial education are available … Read more
Government Response Summary
The government stated that ITT providers determine their curriculum, and while financial literacy may be included, it does not prescribe it or commit to including it in the ECF or NPQs. It highlighted a completed £1.1 million grant programme from the Money and Pensions Service that supported teachers in delivering financial education, but this does not constitute a commitment to the new provisions requested.
Department for Education
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19 Not Addressed
Para 71

Evaluate Citizenship provision within Ofsted's quality of education key judgement, alongside personal development.

Recommendation
Ofsted’s inadequate evaluation of financial education in schools undermines the importance of financial education and adversely affects how it is viewed and prioritised by teachers and school leaders. Citizenship in particular is not being appropriately assessed by Ofsted. Inspection under … Read more
Government Response Summary
The government explained that Ofsted's current regime already considers a broad curriculum and personal development, and financial education may be included in maths deep dives or citizenship assessments. It noted Ofsted will be consulting on a new education inspection framework and report cards, but did not specifically commit to evaluating citizenship, including its financial education content, under the 'quality of education' judgement.
Department for Education
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20 Accepted in Part
Para 72

Work with Ofsted to review and improve the evaluation of financial education provision.

Recommendation
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 … Read more
Government Response Summary
The government explained Ofsted's current inspection framework already considers broad curriculum and personal development, where financial education might be assessed. While it noted Ofsted's upcoming consultation on a new inspection framework, it did not specifically commit to reviewing the evaluation of financial education or inspecting citizenship under the 'quality of education' judgement. It did, however, affirm commitment to the Gatsby Benchmarks and will work with Ofsted to reflect updated benchmarks in inspection practice from September 2025.
Department for Education
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22 Deferred

Apply to participate in the 2025 PISA financial literacy assessment and encourage devolved administrations.

Recommendation
We recommend that the Government applies to participate in the next PISA financial literacy assessment scheduled for 2025 and engages with the devolved administrations to encourage them to do likewise. (Paragraph 81) Delivering effective financial education 29 Read more
Government Response Summary
The government states that financial literacy is not an option for PISA 2025 due to it being replaced. It will consider participation in the 2029 cycle after mid-2026 and commits to discussing future involvement with devolved administrations.
Department for Education
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Conclusions (3)

Observations and findings
2 Conclusion Acknowledged
Para 15
Effective financial education needs to begin early, during primary school years. We have heard evidence that the limited provision of financial education in primary school mathematics does not adequately prepare children for the fast-changing financial world in which they increasingly participate. Building a strong foundation for financial education at primary …
Government Response Summary
The government agreed that maths is fundamental for financial management and is committed to improving early maths education standards. It noted existing primary maths content that supports financial understanding and mentioned that the Curriculum and Assessment Review (CAR) would consider curriculum breadth. Oak National Academy will also release new financial education lessons by Spring 2025.
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16 Conclusion Accepted
Para 63
Providing teachers with opportunities for appropriate teacher training and continued professional development in financial education has clear benefits for both teachers and pupils. However, there are various factors, including workload pressures, which preclude many teachers from accessing financial education training and development opportunities. We welcome the investment made by the …
Government Response Summary
The government acknowledges the importance of teacher training in financial education by referencing existing frameworks like the ITT Core Content and ECF. It also highlights the successful Money and Pensions Service grant programme, which invested in and evaluated teacher support for financial education.
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21 Conclusion Deferred
Para 80
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 …
Government Response Summary
The government explained that financial literacy is not an option for the PISA 2025 cycle due to burdens on schools, but committed to consider participation in the 2029 cycle after mid-2026 when more information is available from the OECD. This consideration may include piloting the assessment.
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