MPs examine how to improve financial education
MPs on the education committee have launched an inquiry into how financial education can be strengthened throughout primary, secondary and further education.
The subject has been part of the national curriculum for secondary schools since 2014. However, the cross-party committee feels there are ‘still plenty of concerns’ that not enough financial education is being delivered. For example, the Centre for Social Justice has called for an ‘urgent rethink’ of the way financial education is approached. The think thank carried out research last year that found two-thirds of young adults who experienced financial difficulties believe better financial education could have helped them. Meanwhile, according to a 2022 survey from Teacher Tapp, two thirds of teachers said there was insufficient time or resources to fit financial education into the school year.
The committee will explore reasons why the subject is often overlooked and how well schools and teachers are supported to deliver it. After questions about the practicalities of the government’s ambition that all 16 to 18 year olds should study some form of maths, the MPs are also interested to examine whether financial education could form part of the post-16 curriculum, to better prepare young people for adult life and to support progression.
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. In surveys of young people, financial education is frequently identified as something that they want more of’. However, he emphasised that the committee was ‘very aware’ of the demands faced by teachers and school leaders and would be ‘reluctant to place extra demands on their time’.
To support their inquiry, the committee has launched a call for evidence which can be found here: https://tinyurl.com/zwvndy8w and closes on 15 December 2023.