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