Commons Sense

House of Commons · Ministers' Questions

Financial Inclusion: Under-18s

Tuesday 7 February 2023 · 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 1 Not answered 0

Key points

  • Financial education is a key part of building financial capability for under-18s.
  • The statutory citizenship curriculum aims to prepare 11 to 16-year-olds to manage their money well.
  • The Minister will convene the financial inclusion policy forum to discuss financial education topics.

Topics (select to filter)

Questions & Answers

Q1 Bob Blackman Con Harrow East
Education
Context

The question arises from the need to improve financial education and inclusion among young people.

Question

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.

Answer from Andrew Griffith

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.

Partly answered

Not addressed: 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.

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Q2 Bob Blackman Con Harrow East
Education
Context

Cambridge University research indicates that primary school is crucial for financial preparation. Currently, only one in five children have access to such education.

Question

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?

Answer from Andrew Griffith

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.

Not addressed: The answer does not address using the dormant assets fund or increasing access to primary school financial education.

How: Changing Subject

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