I asked the Secretary of State for Education, what steps his Department is taking to ensure that children and young people develop financial knowledge. The response from the Secretary of State is below:
"Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed. In 2014, for the first time, financial literacy was made statutory within the National Curriculum as part of the citizenship curriculum for 11 to 16 year olds.
We also introduced a rigorous Mathematics curriculum, which provides young people with the knowledge and financial skills to make important financial decisions. The Government has published statutory programmes of study for mathematics and citizenship that outline what pupils should learn about financial education from Key Stages 1 to 4.
In the primary Mathematics curriculum, there is a strong emphasis on the essential arithmetic knowledge that pupils should have. This knowledge is vital, as a strong understanding of numeracy and numbers will underpin the pupils’ ability to manage budgets and money, including, for example, percentages. There is also some specific content about financial education such as calculations with money.
Finance education forms part of the citizenship curriculum which can be taught at all key stages and is compulsory at Key Stages 3 and 4: https://www.gov.uk/national-curriculum. Financial education ensures that pupils are taught the functions and uses of money, the importance of personal budgeting, money management and managing financial risk. At secondary school, pupils are taught about income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.
The Department works closely with the Money and Pensions Service and other stakeholders such as Her Majesty’s Treasury, to consider what can be discovered from other sector initiatives and whether there is scope to provide further support for the teaching of financial education in schools."