Oral question asked in the House of Lords, by Bishop of St Albans (Bishops (affiliation)). It was answered on Thursday, 20 April 2023.

Schools: Financial Literacy

Question: I thank the Minister for her reply and I am glad to hear what His Majesty’s Government are doing. I do not know whether the Minister is aware, but the Church of England has been working on a project called Lifesavers, which came out of one of the Archbishops’ Commissions. It has so far delivered financial literacy training for 30,000 school pupils and trained 2,000 teaching staff. Given that only 5% of parents believe that their children are leaving school with adequate financial literacy, what assessment have His Majesty’s Government made of Lifesavers and other similar school projects, such as GoHenry, and how can they help these projects as we are seeking to roll them out and increase financial literacy?

Answer: The Government are very grateful to organisations such as Lifesavers for the important work they do providing very useful support to teachers and schools. According to the Money and Pensions Service, about 6.3 million children between the ages of five and 17 received some form of financial education across just over 100 programmes, so there is a great variety on offer across the country.

Secondary information