The government has tasked the Oak National Academy with producing additional lesson resources on financial education, after a committee of MPs demanded an “urgent” review.
The education select committee has published the government’s response to its report on financial education last year.
In it, the new government said its ongoing curriculum review “seeks to deliver an excellent foundation in the core subjects of reading, writing and maths, and a curriculum that is rich and broad, inclusive and innovative, that readies young people for life and work, and reflects the diversities of our society”.
But the Department for Education added that the Oak National Academy “will be producing additional lessons on financial education and applying maths in real-life contexts across key stages 1 to 4”.
“These are expected to be available from spring 2025. Lessons on finance and the economy also feature in Oak’s new citizenship curriculum, launched earlier this academic year. Teaching resources for these lessons will be released by autumn 2025.”
MPs had called for ‘urgent’ reform
The original committee report, released in the last Parliament, recommended that ministers “urgently” review the maths curriculum to expand financial education and make it compulsory in RSHE lessons.
The national curriculum was beefed up in 2014 to include more elements of financial literacy, particularly in maths.
But the committee said schools found it hard to prioritise financial education beyond basic concepts and many teachers “lack confidence” in delivering its content.
At the time, the then committee chair Robin Walker said: “A decade since it was introduced with broad support, financial education in England needs an urgent update that takes account of how the schools sector, financial pressures on children and consumer habits have changed.
“There is cross-party support for delivering financial education in schools but it hasn’t yet reached its full potential.”
During the original inquiry, MPs heard from journalist and campaigner Martin Lewis that getting financial education onto the national curriculum was a “pyrrhic victory” and “self-defeating”, as schools lacked the resources and capacity to deliver it.
