The Education Committee’s inquiry will look at how financial education can be more strongly established in the National Curriculum.
According to the Committee, there is ‘broad agreement that financial education – teaching children and young people skills and knowledge to manager their financial decisions – needs to be reviewed.
Financial education has been part of the curriculum for state-run secondary schools since 2014, taught in Citizenship lessons and some elements included in maths. However, academies and free schools can opt out of teaching it, which some choose to include it within Personal, Social, Health and Economic education (PSHE).
More recently, there have been calls for financial education to be introduced as part of the primary curriculum.
The cross-party Committee will explore reasons why the subject is over overlooked and how well schools and teachers are supported to deliver it.
Education Committee chair Robin Walker MP said, ‘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.
‘With the input of academics and experts, and working with the profession, we hope to contribute ideas of how best to build financial education into the primary school curriculum, and look at what role it could play in the Prime Minister’s aim of incorporating a form of mathematics study for all at post-16. Teaching young people these practical skills could help boost engagement in a subject that some find abstract or challenging.’
Call for evidence
To inform its inquiry, the Committee is now accepting written evidence submissions, particularly from teachers, pupils and school administrators, covering what young people should be taught about money, where financial education should sit within the curriculum and what steps should be taken to support teachers and schools in the delivery of financial education.
To submit evidence click here
- Read our feature on introducing financial management to young children here