Financial Services: Education:Written question - HL17111

Asked on: 11 July 2019
Department for Education
Financial Services: Education
Lords
To ask Her Majesty's Government what steps they have taken to support (1) the introduction of financial education, and (2) the understanding of consumer products, in secondary schools.
A
Answered by: Lord Agnew of Oulton
Answered on: 22 July 2019

Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed. In 2014, financial literacy was made statutory within the national curriculum as part of the citizenship curriculum for 11-16 year olds. Pupils are taught the functions and uses of money, the importance of personal budgeting, money management and the need to understand financial risk. We have also introduced a rigorous new mathematics curriculum, which provides young people with the knowledge and mathematical skills to make important financial decisions.

An understanding of consumer products and how they are advertised can be important in personal finances. In the statutory relationships, sex and health education guidance, to be implemented in all schools within England from September 2020, it states that pupils should be taught about how advertising is targeted at them, and how they should be discerning consumers of information online. The department has published further guidance on teaching online safety, to support schools in their delivery of online safety content within their curriculum and wider whole school approaches. This guidance is attached and is available here: https://www.gov.uk/government/publications/teaching-online-safety-in-schools.

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