Financial Services: Education
The question
To ask the Secretary of State for Education, what discussions she has had with schools on ensuring that financial education for pupils includes (a) the impact of social media on managing money, (b) managing money in the context of accessible credit and (c) different types of (i) credit and (ii) debt.
Answered by Catherine McKinnell
Financial education forms a compulsory part of the national curriculum for mathematics at key stages 1 to 4, and citizenship at key stages 3 and 4. Together these cover personal budgeting, saving for the future, managing credit and debt, and calculating interest. Statutory relationships, sex and health education and computing lessons equip pupils to be discerning in evaluating digital content, including content they see through social media.
The interim report from the independent Curriculum and Assessment Review noted the consistent call from children and young people and their parents for more focus on the applied knowledge regarding financial education. The Review’s final report and recommendations will be published in autumn with the government’s response.
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