How the government responded to the Education Committee’s financial education report

The Education Committee has published the government’s response to their Delivering financial education report (May 2024), reflecting the need to integrate practical money skills into the curriculum and improve support for teachers.

Key points from the government’s response:

• Aims to improve early maths provision for all children, noting the recommendation to include more financial content

• Will address teacher shortages, making available bursaries for trainee maths teachers

• Will consider further the suitability of teaching support available to schools in the light of the Curriculum and Assessment Review outcomes

• No plans to produce guidance to support the appointment and support of financial education leads

• Ofsted will consult on a new education inspection framework and school report cards

• Department for Education will continue working with the Money and Pensions Service (MaPS) to promote consistent and evidence-informed financial education practice, and improve teacher training

• Department for Education will consider participation in the PISA Financial Literary Assessment in the next (2029) cycle after mid-2026

Read the full government response here

It is encouraging that the government’s response to the Education Committee report on financial education reflects some recommendations made by Just Finance Foundation and other advocates, including calls to integrate practical financial literacy into the primary curriculum, improve teacher training and support early numeracy. But we know there is more work to be done to ensure no child misses out.

JFF Director, Sarah Wallace, said:

“JFF is on a mission to make sure no child misses out on meaningful financial education, and this includes children with additional needs and diverse learning styles. We welcome the government’s focus on quality financial education in primary schools and stand ready to support educators with free, inclusive resources that integrate across PSHE, citizenship, and beyond.

It is essential that any changes to the primary curriculum remain focussed on supporting all children to develop the skills they need to thrive as adults – the ability to make informed and confident choices with money is absolutely key to this goal.”

While the government highlights maths as a focus, we know that maths alone cannot adequately prepare children to manage money in the real world. Financial education should equip children with critical decision-making skills, such as evaluating needs versus wants, planning for future expenses, understanding how emotions relate to money choices and identifying the implications of those choices – skills that traditional maths curricula will not fully address. Financial education must extend across subjects like PSHE and citizenship to give children the critical thinking tools to make informed and confident financial decisions.

Additionally, resources must cater to diverse learning needs to ensure no child misses out. Learnings published in our research report, funded by MaPS, indicate that over half of teachers in alternative provision settings are currently not teaching financial education at all due to a lack of suitable teaching resources and support. Just Finance Foundation will continue to advocate for and collaborate on enhanced support for children and educators with additional needs, addressing gaps in provision to ensure inclusive access to quality financial education.

Background: the Education Committee Inquiry November 2023 – March 2024

The Education Committee launched an inquiry to analyse the current state of financial education in England and consider how to improve its delivery to ensure children are better prepared for work and life in an increasingly complex financial environment. It called for evidence on what we should be teaching children about money, how financial education should be integrated into the curriculum and whether financial education should be a core part of learning in primary schools and post-16 education.

JFF was proud to contribute to the Education Committee’s inquiry in November 2023, advocating for inclusive financial education that empowers all children, regardless of background or learning style, to make informed money choices aligned with their values and aspirations.

You can read more about JFF’s evidence submission here.

In May 2024, the Education Committee published a report on their findings, making the case that financial education in schools in England is currently inadequate and should be urgently improved.

What will happen next?

The government is considering the Education Committee’s report findings as they move forward with their Curriculum and Assessment Review, which covers ages 5 to 18 in England. The aim of the review is to ensure the curriculum provides children with an excellent foundation in reading, writing and maths, and also readies young people for work and life.

The review group ran a call for evidence in autumn 2024, which Just Finance Foundation contributed to, along with education professionals, parents, young people and other stakeholders. The government will publish an interim report in early 2025 and a final report with recommendations in autumn 2025.

As this review progresses, Just Finance Foundation will continue working with primary schools and supporting teachers to ensure financial education is prioritised for all children. The government cannot fulfil its mission to ready young people for work and life without preparing them to navigate financial systems, products and decision-making. We will advocate for inclusive approaches that extend financial education beyond maths, embedding it into PSHE, citizenship, and other core subjects.

For comment or further information, contact our Communications and Public Engagement team at communications@jff.org.uk