Context
The Money and Pensions Service reported that money habits and financial attitudes are formed by the age of seven. However, despite this finding from eight years ago, the government has not made financial education compulsory in primary schools.
Question
What assessment does he have of providing financial education to children at the primary school level? In 2013, the Money and Pensions Service found that our money habits and attitudes towards finance are formed by the age of seven. However, eight years later the Government have still not made financial education compulsory within the primary school curriculum. Does he agree that teaching our children positive saving habits at a young age is vital to their financial futures, and that dormant assets from the savings and investment sector could fund initiatives such as KickStart Money to deliver primary financial education for all?
Answer from Nick Gibb
The priority at primary school must be to ensure that all children have a firm grasp of the fundamentals of arithmetic: that they can add, subtract, multiply and divide; that they know their times tables by heart; and that they can add, subtract and multiply fractions. In 2013, the Government introduced a new primary maths curriculum that includes ratio and proportions, that teaches pupils to use percentages and that introduces them to algebra. In year 2, pupils are introduced to the values of our coinage. That is all fundamental to being secure in handling finances and being taught financial education at key stage 3.
Not addressed: The minister did not address whether he agrees with making financial education compulsory in primary schools or funding it through dormant assets from the savings and investment sector.
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