APPG Inquiry into Financial Education in Devolved Areas of the UK

Background

Evidence shows that financial education increases financial capability in adulthood and, when delivered through schools, this can be a great equalising force in preparing young people for their futures, regardless of their starting point[1]. However, we also know that there is a gap in the promise of financial education being delivered at schools in curricula and mandates, and the reality that less than 40% of young people recall receiving financial education while at school or college[2].

It has been the focus of the All-Party Parliamentary Group on Financial Education for Young People for some time to improve the provision of financial education in schools to ensure that this reaches every young person. Our recent research finds that teachers across the UK are experiencing barriers to delivering financial education, and that these vary between the four nations [3].

However, it is less clear the extent to which devolution of education and skills responsibilities is creating variety in the delivery of financial education in schools and colleges across the UK, how this is manifesting in practice, and whether there are examples that can be transferred to other areas to improve outcomes for young people. Initial research by knowledge-weave comissioned by Young Enterprise found that there are five key factors impacting financial education across the UK: Curriculum, Accountability, Guidance, Awareness and Resource. This research included an extensive literature review and interviews with 26 stakeholders across the financial education space, and will be published on February 6th 2025, you can join the webinar to discuss the results here. But how do these factors, and others, impact financial education in practice across the different UK nations and how can this be improved?

That is why we are embarking on this next inquiry which will examine the systems impacting financial education in schools and colleges across the four UK nations, offering a comparative analysis of what is working, what can be improved and what could be scaled up in other areas. We feel that this timely review will sit across ongoing government priorities such as curriculum reviews and reforms, the development of strategies to support young people and plans for devolution to ensure that financial education is improved in a holistic manner from a variety of angles. Our review will also take into consideration examples of innovation in financial education in local contexts, such as within regions or combined authorities, where relevant, to highlight what is serving communities and what can be learned from localised approaches.

Objectives

This APPG inquiry will focus on:

  • How do the systems across devolved areas of the UK impact the implementation of financial education in schools and colleges?
  • What can enable financial education at a systems level?
  • What examples of good practice and systems exist at a national/local level empowering schools to deliver high quality financial education that might be appropriate to apply in other areas?
Call for Evidence

OPEN UNTIL MARCH 31ST AT 5PM

We want to hear from:

  • Anyone with an interest in and evidence on financial education in the UK.
  • Organisations working in financial education, working with national governments on education priorities or educators themselves who have lived experience of delivering financial education to students.
  • We particularly want to ensure we have views from those working in Scotland, Northern Ireland and Wales, including representatives from government departments and/or agencies from each of the UK nations.
  • We welcome examples and views from those working in and with local authorities to boost financial education in a localised context.

How to Submit Evidence

  1. Click here to download the call for evidence to see response form and use this to submit your evidence to the inquiry.
  2. There is no need to answer every question, but please place any evidence you have in the boxes provided so we can see which areas of the inquiry your evidence refers to.
  3. Please submit your completed form as a single word document containing your evidence to the inquiry via email to appg@y-e.org.uk by 5pm Monday 31st March 2025. Submissions after this deadline may not be considered in the inquiry’s review.

 

 

Opportunities for MPs and Peers to visit financial education in schools

As part of this inquiry we would like Members of the APPG to be engaged in visits to financial education in schools across the UK, in a variety of forms. If you have an opportunity for an MP to see some financial education in action please email details of the programme, location and when this opportunity might be to appg@y-e.org.uk as soon as possible so that we can consider and arrange this in the coming months to inform the inquiry.

Contact the APPG

References

[1] Money and Pensions Service (2021) Financial Education Guidance for Secondary Schools in England file:///C:/Users/AliceClarke/Downloads/maps-financial-education-guidance-secondary-schools-england-2021.pdf  page 6

[2] Money & Pensions Service (2023) UK Children and Young People’s Financial Wellbeing Survey: Financial Foundations https://maps.org.uk/en/publications/research/2023/uk-children-and-young-peoples-financial-wellbeing-survey-financial-foundations

[3] APPG on Financial Education for Young People (2023) Building Beyond Barriers – A roadmap for enhancing financial education in schools – https://www.young-enterprise.org.uk/wp-content/uploads/2023/02/Building-Beyond-Barriers-%E2%80%93-A-roadmap-for-enhancing-financial-education-in-schools.pdf