Financial Education

Education Committee Closed Inquiry
Opened: 16 Nov 2023 Closed: 27 May 2024 Parliament page
The Education Committee will examine the current state of financial education in England and consider what steps need to be taken to ensure its delivery is improved, that schools and colleges are more confident in its application, and that pupils and students are better equipped for a fast-changing financial and … Read more
19 Recommendations
3 Conclusions
1 Report
2 Oral sessions
2 Events
Activity timeline 6 events
16 Jan
2025
Report published
22 May
2024
Report published
5 Mar
2024
Oral evidence
5 Mar
2024
Formal meeting (oral evidence session) · Room 15, Palace of Westminster
30 Jan
2024
Oral evidence
30 Jan
2024
Formal meeting (oral evidence session) · Room 15, Palace of Westminster
Oral evidence sessions 2 sessions
5 Mar 2024
View on parliament.uk
Financial Education
Kate Dixon · Department for Education Martin Lewis · moneysavingexpert.com Rt Hon Damian Hinds MP · Department for Education Russell Winnard · Young Enterprise
30 Jan 2024
View on parliament.uk
Financial Education
Andrew Wilson · Santander UK Jonathan Baggaley · PSHE Association Liz Moorse · Association for Citizenship Teaching Louise Hill · GoHenry Mr Leon Ward · MyBnk Sarah Hannafin · NAHT Sharon Davies · Young Enterprise
Title HC No. Published Items Response
Third Report - Delivering effective financial education HC 265 22 May 2024 22 Responded
Recommendations & Conclusions
5 results
Clear
5 Recommendation Accepted
Third Report - Delivering effectiv…
Prioritise comprehensive financial education for 16-18 year olds within continued mathematics learning.
Financial education is crucial for 16-to-18 year-olds, many of whom are transitioning into the workplace, paying taxes, considering applying for a student loan, and living away from home for the first time. Yet it is post-16 students who miss out … Read more
Government Response
The government stated that existing financial education qualifications and pathways are available for 16-19 year-olds, and the Curriculum and Assessment Review (CAR) will determine future pathways. Regarding teacher recruitment, it outlined current financial incentives, bursaries, and scholarships to address shortages, effectively pointing to ongoing efforts.
Department for Education
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14 Recommendation Accepted
Third Report - Delivering effectiv…
Simplify access and selection of high-quality financial education teaching materials for teachers.
There is no shortage of financial education teaching materials, yet the evidence tells us that these materials are often unsuitable, the sheer quantity is unhelpful to teachers looking for appropriate resources and that, consequently, they are not being utilised in … Read more
Government Response
The government will consider the suitability of teaching support after the CAR outcomes, but highlights existing central support, including Money and Pensions Service guidance, the Financial Education Quality Mark, Oak Academy resources, HMRC's Tax Facts, and Home Office materials, to help teachers find high-quality resources.
Department for Education
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15 Recommendation Accepted
Third Report - Delivering effectiv…
Curate and promote high-quality financial education materials for teachers and pupils.
The Department for Education, working with subject associations, professional bodies, the Money and Pensions Service, and other government departments, should curate and promote a selection of high-quality financial education teaching materials and make these easily accessible to teachers and pupils. Read more
Government Response
The government states it will consider further teaching support suitability after the CAR outcomes but details existing collaborations with the Money and Pensions Service and other departments to signpost and quality assure resources, including the Financial Education Quality Mark, Young Money Resource Hub, Oak Academy lessons, HMRC's Tax Facts, and Home Office fraud resources.
Department for Education
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16 Conclusion Accepted
Third Report - Delivering effectiv…
Teacher workload pressures impede access to financial education training and development.
Providing teachers with opportunities for appropriate teacher training and continued professional development in financial education has clear benefits for both teachers and pupils. However, there are various factors, including workload pressures, which preclude many teachers from accessing financial education training … Read more
Government Response
The government acknowledges the importance of teacher training in financial education by referencing existing frameworks like the ITT Core Content and ECF. It also highlights the successful Money and Pensions Service grant programme, which invested in and evaluated teacher support for financial education.
Department for Education
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17 Recommendation Accepted
Third Report - Delivering effectiv…
Offer financial education training early in teacher careers through ITT.
Training in financial education must be offered at an early stage of a teacher’s career through initial teacher training (ITT). Incorporating financial education training from an early stage provides teachers with a foundation on which they can build their knowledge, … Read more
Government Response
The government states it does not prescribe ITT curriculum content, leaving it to accredited providers. However, it highlights existing support for financial education training through the Money and Pensions Service grant programme, which demonstrated positive outcomes for teachers and pupils.
Department for Education
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Government Response AI assessment · 22 of 19 classified
Accepted 5
Accepted in Part 1
Acknowledged 2
Deferred 8
Not Addressed 2
Rejected 4
Total 19 recs + 3 conclusions