Financial Services: Education
The question
To ask the Secretary of State for Education, what steps her Department is taking to ensure that (a) apprentices and (b) young entrepreneurs have access to financial education.
Answered by Josh MacAlister
Financial education is integrated into the curriculum at key stages 3 and 4 (ages 11-16) through citizenship education and elements of the mathematics curriculum. Together this covers such areas as personal budgeting, saving for the future, managing credit and debt and calculating interest.
Financial education is not compulsory post-16, however, providers are free to teach it and our 16-19 study programme guidance sets an expectation that students take part in other non-qualification activity to develop life skills, including managing personal finances.
There are a range of financial education-related qualifications for 16 to 19-year-olds to study, in including qualifications and courses at levels 1 and 2, with both the mathematics GCSE and L2 Functional Skills Qualifications supporting financial education. At Level 3 there is the T Level in Finance and Core Maths, which also covers financial literacy.
The current curriculum and assessment review will consider coverage of areas including applied knowledge and skills young people will need in life and work such as financial education.
Upskilling in English and mathematics is a key feature of all apprenticeships and young apprentices aged 16-18 at the start of their apprenticeship are required to achieve English and mathematics qualifications.
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