Commons Sense

House of Commons · Ministers' Questions

Financial Literacy Skills

Monday 5 July 2021 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • The Ministry of Defence is working to raise awareness of financial issues and planning among service personnel across all three services.
  • The Ministry aims to ensure that all service leavers have adequate financial educational awareness.
  • The Ministry recognizes the critical importance of financial literacy for service personnel transitioning to civilian life.

Topics (select to filter)

Questions & Answers

Q1 Nicholas Fletcher
Defence Veterans
Context

The question arises from the need to address financial issues faced by members of the armed forces, particularly those transitioning to civilian life.

Question

What steps his Department is taking to help ensure that all members of the armed forces are equipped with financial literacy skills. I am concerned about the financial challenges faced by service personnel and their transition into civilian life.

Answer from Leo Docherty

The Ministry of Defence is working to raise awareness of financial issues and planning among service personnel across all three services, because we recognise that financial literacy is a critical life skill.

Partly answered

Not addressed: Specific measures or timelines were not provided

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Q2 Nicholas Fletcher
Veterans
Context

The question is prompted by the tragic death of Danny Butcher, a former soldier who fell victim to an unscrupulous money-making scheme after leaving the armed forces. The MP seeks measures to prevent such occurrences and ensure proper financial literacy.

Question

Following a surgery with Ms Jones, I had the pleasure of discussing with the previous Minister for Defence People and Veterans, my hon. Friend the Member for Plymouth, Moor View (Johnny Mercer), what could be done to provide members of the armed services who are about to be discharged with some financial education. In light of Danny Butcher's death, what steps is the Minister's Department currently taking to ensure that all those departing the forces have adequate financial literacy skills, so that they know how to spend their money wisely and become integrated fully in civilian life?

Answer from Leo Docherty

My thoughts are with the family of Danny Butcher. Every veteran suicide is an absolute tragedy and we must seek to learn lessons from this. We are working to ensure that all service leavers have adequate financial educational awareness, and we want to ensure that is the case across all three services, specifically with regard to debt, household financial management and mortgages.

Partly answered

Not addressed: Specific measures or timelines were not provided

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