Source · Select Committees · Education Committee
Third Report - Delivering effective financial education
Education Committee
HC 265
Published 22 May 2024
Recommendations
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
View Details →
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
View Details →
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
View Details →
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
View Details →