To ask the Secretary of State for Education, whether she plans to improve the teaching of financial literacy through (a) enhanced teacher training programmes, (b) increased funding for financial education (i) resources and (ii) initiatives and (c) other steps.
Answered on
7 January 2025
In general, decisions relating to teachers’ professional development rightly rests with schools, headteachers, and teachers themselves, as they are in the best position to judge their own requirements. The government has committed to introducing a Teacher Training Entitlement which would support teachers to access more high quality continuing professional development across a range of topics.
The Money and Pensions Service (MaPS) has a statutory duty to coordinate the UK Strategy for Financial Wellbeing 2020. In 2022, MaPS launched a grant-funded programme totalling £1.1 million to test approaches to supporting teachers and practitioners working with children and young people in vulnerable circumstances and to deliver financial education. The evaluation of this programme can be found here: https://maps.org.uk/en/publications/research/2024/evaluating-grants-improving-financial-education-for-vulnerable-young-people.
The department will work with MaPS to use the findings to promote consistent and evidence-informed practice. MaPS has also published financial education guidance for schools, which can be found here: https://maps.org.uk/en/work-with-us/financial-education-in-schools.
Oak National Academy (Oak) is a non-departmental public body which provides free, optional, and adaptable high quality digital curriculum and lesson resources. Oak has completed its initial curriculum resources in mathematics and will produce additional lessons on financial education and applying mathematics in real life contexts across key stages 1 to 4, which is expected from spring 2025. Lessons on finance and the economy also feature in Oak’s new citizenship curriculum, which was launched earlier this academic year, with lessons to be released by autumn 2025. Oak’s resources are available here: https://www.thenational.academy/.
The department continues to work closely with MaPS, and in partnership with others, to monitor the evidence for financial education and assess school support needs.