Financial Inclusion Under-18s 2023-02-07
2023-02-07
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The question arises from the need to improve financial education and inclusion among young people.
What steps his Department is taking to help improve financial inclusion for under-18s. The statutory citizenship curriculum provides essential knowledge so that 11 to 16-year-olds are prepared to manage their money well.
For under-18s, financial education is a key part of building financial capability. The statutory citizenship curriculum provides essential knowledge so that 11 to 16-year-olds are prepared to manage their money well.
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Assessment & feedback
The answer does not provide specific steps or measures being taken by the department to improve financial inclusion for under-18s beyond mentioning the statutory curriculum.
Response accuracy
Q2
Partial Answer
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Context
Cambridge University research indicates that primary school is crucial for financial preparation. Currently, only one in five children have access to such education.
I thank my hon. Friend for that answer. Cambridge University has demonstrated in its research that it is actually primary school education that is vital to prepare young people for financial education, but at the moment only one in five children has access to this. Will he consider using part of the dormant assets fund, which I believe totals £880 million, to gain access for children to financial education?
My hon. Friend makes an important point about it never being too early to start the important work of financial inclusion. I am convening the financial inclusion policy forum next week, and I look forward to engaging with him on this all-too-important topic.
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Assessment & feedback
The answer does not address using the dormant assets fund or increasing access to primary school financial education.
Changing Subject
Response accuracy