Source · Select Committees · Education Committee
Third Report - Delivering effective financial education
Education Committee
HC 265
Published 22 May 2024
Recommendations
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 …
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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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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 …
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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.
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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, …
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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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Conclusions (1)
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.