MPs have today launched an inquiry into how financial education can be strengthened in primary and secondary schools.
The move follows increased debate over the importance of financial education in the wake of the prime minister’s plans to provide maths to all pupils up to the age of 18 and the Labour Party’s plans to upskill primary teachers to teach “real world” maths.
The former schools minister and now chair of the Commons Education Select Committee Robin Walker said that, as cost-of-living pressures continue, the case for helping children manage their money was “as strong and timely as ever”.
Financial education was introduced to the national curriculum in 2014, but Mr Walker said there are “still plenty of concerns” that not enough financial education is being delivered.
He has said that MPs are “very aware of the strain many teachers and school leaders are under” and will consider how best to embed the subject without placing “extra demands on their time”.
While financial education is a part of the national curriculum for local authority-run secondary schools in citizenship lessons, with some elements also included in maths, academies and free schools can opt out of teaching it.
Last year, only 90 per cent of the Department for Education target for the recruitment of trainee maths teachers was met.
Where should it sit?
The inquiry’s call for evidence, which opened today and closes on Friday 15 December, asks for submissions on where financial education should sit within the national curriculum for students aged 11-16 and what steps should be taken to support teachers and schools in delivering financial education.
The inquiry also asks if there is scope for financial education to be embedded more extensively at primary and if it should be included in the prime minister’s maths-to-18 plans.
And MPs are also seeking opinion on whether financial education should form part of a core subject, such as maths.
Mr Walker said that he had supported the cross-party campaign to ensure financial education became a part of the curriculum.
“But almost a decade [after it was introduced], there are still plenty of concerns that students and teachers feel that not enough financial education is being delivered,” he added.
“With families and young people continuing to feel cost-of-living pressures, the case for equipping children of all backgrounds with the life skills and knowledge to help manage their money feels as strong and timely as ever.”
