JFF Submission: curriculum & Assessment Review, November 2024

The government’s review of the existing national curriculum and statutory assessment system in England, to ensure they are fit for purpose and meeting the needs of children and young people.

Response from the Just Finance Foundation

November 2024

This submission represents the views of the Just Finance Foundation not any one individual.

Section 2: General views on curriculum, assessment, and qualifications pathways

10 What aspects of the current a) curriculum, b) assessment system and c) qualification pathways are working well to support and recognise educational progress for children and young people?

What is working well?:

Financial education is essential to preparing children for future study, work and life. Money impacts us all, regardless of where we live, how we learn or what path we choose after school. Financial education is most meaningful when it begins early, when children are beginning to develop the critical thinking, habits and values needed to manage money. However, financial education is often deprioritised in primary schools because it is only found in some aspects of mathematics, the non-statutory guidance for PSHE and citizenship, and it is not part of statutory assessments. Just Finance Foundation advocates that essential life skills like financial education should be a core element of learning in primary school, and our responses to this review aim to encourage and support the Department for Education to deliver this urgently needed change.

The curriculum has recognised that financial education is important as it appears in some aspects of primary programmes of study in mathematics, PSHE and citizenship. For example, as part of the mathematics curriculum, children learn to recognise coins and their value, and how to calculate amounts of money using mathematical processes; in the PSHE programme of study, pupils can learn about economic wellbeing under the ‘Living in the Wider World’ theme; and in citizenship, guidance encourages learning about making real choices about how to spend and save money, understanding where money comes from, and ethical considerations around money.

Just Finance Foundation supports this broader understanding of financial education to encompass more than numeracy, coins and maths. Meaningful financial education supports pupils to develop the critical thinking skills and confidence to make informed choices with money – choices that align with their aspirations, values and wellbeing. But while elements of financial education currently appear in the non-statutory PSHE and citizenship programmes of study, their delivery is inconsistent. This inconsistency arises because there is no clear statutory guidance, leaving schools to decide how, and to what extent, they prioritise financial education based on their circumstances and competing demands.

The assessment system significantly influences curriculum priorities in schools, but it currently focuses on testing core numeracy and literacy skills through written exams. For example, at Key Stage 2, Year 6 pupils are assessed on maths skills like addition, multiplication, and other aspects of manipulating money. While these tests may include monetary values in calculations, they only assess core mathematical skills rather than a pupil’s financial literacy or their understanding of how money works in real-life contexts.

This narrow focus creates a barrier to prioritising meaningful financial education in schools. With assessment outcomes in core subjects like English and maths forming the basis for school accountability, schools are under immense pressure to ensure pupils excel in these areas. As a result, most of the school’s time and resources are spent preparing for these tests, leaving little room for real-world application, life skills or creative thinking – all of which are skills required to manage money, work and live.

To address this, the assessment system must evolve to support a balanced curriculum that values practical skills, such as financial literacy. This would provide schools with the incentive to integrate financial education into the curriculum in a meaningful and consistent way.

To ensure pupils leave primary school with the skills and understanding required to make informed and confident financial decisions, financial education must be elevated in priority within the primary curriculum. Just Finance Foundation currently works with over 350 primary school teachers and leaders across the UK to integrate financial education into their existing curriculum and lesson plans.

Many teachers recognise the value of money lessons from an early age and want to see financial education better prioritised:

“[Our teachers] have been involved because they told us that this is what the children need. They feel that they’ve been listened to. Giving them this resource and the time in the curriculum to do this, they’ve really liked that. And the permission to come away from the curriculum to do something important.” - Headteacher, North East

“I fully believe that children need to be given practical examples and physical lessons surrounding money as money is a real-life issue which they will have to deal with - if not now, then when they are financially independent. As a result, I believe my own teaching of money has improved as I have grown in confidence surrounding this.” – Key Stage 2 Teacher

There are effective aspects of the existing curriculum that provide children with the tools and means to develop into thriving adults. However, essential skills like financial education are too often deprioritised to less-relevant content and stressful assessment systems that prioritise academic skills over practical life skills.

11 What aspects of the current a) curriculum, b) assessment system and c) qualification pathways should be targeted for improvements to better support and recognise educational progress for children and young people?

What should be improved?

This curriculum review should target actionable improvements that could better support children’s preparation for work and life – particularly in areas that cultivate practical skills like financial literacy, which is increasingly important in modern Britain.

Just Finance Foundation believes financial education should be a statutory part of the curriculum from the beginning of primary education, in the Early Years Foundation Stage all the way through to when pupils leave to begin their secondary education stage. Ensuring high quality teaching within our schools will lay a strong foundation for our children to develop the skills they need.

Currently, teachers must rely on non-statutory guidance for financial education rather than a defined expectation outlining what children should learn. This means that quality financial education is a lottery based on the priorities of school leadership. This is not right or fair. Financial education must be a required part of every child’s learning.

“Children today are having to learn in a fast paced, ever-changing environment. Our traditional methods of teaching about money, mainly through maths, is largely redundant as cash is so infrequently used. Money is no longer a tangible resource that children can see being saved and spent. As technology becomes more advanced and accessible, it is vital that we have the tools and knowledge as teachers to be able to teach them the skills they will need to understand how to protect and improve their finances throughout their lives.” - Year 6 Teacher, Stockport, North West

“We are grateful to have a resource which has been so well thought through and that therefore can provide children with a deep understanding of money, not just a one-off assembly.” - Headteacher, South Wirral, North West

Children would be better served if financial education was available to all children as a statutory aspect of their learning, with an agreed and consulted set of targets and objectives for children to learn according to their age and/or stage of development. There are obvious gaps in the curriculum where practical life skills, especially financial literacy, are deprioritised. While some statutory subjects like mathematics cover some relevant concepts, they do not go far enough in preparing students to make informed and confident financial decisions. The wider aspects of financial education which enable us to understand how money works in our lives is not covered by the statutory curriculum. Schools are expected to include financial education in PSHE and citizenship, however, it is up to them to determine what they cover. This means that delivery of quality financial education is not consistent – it requires school leaders to have the resources to prioritise it. This does not support meaningful educational progress for all children and gives some an advantage over their peers.

Financial education must be a required part of every child’s learning in primary school and teachers must be supported to deliver it in classrooms. Guidance has been provided by the PSHE Association, however, many schools are unaware of this, choosing instead to buy into commercially available PSHE providers to organise the curriculum for them. Many of these providers focus more on the personal, social and health aspects and less on the economic. Further, guidance does not guarantee that schools will prioritise the teaching if it is not part of their statutory requirements. As a result, children are missing out on the chance to develop valuable life skills which contribute enormously to their ability to function in a financial world as they grow older.

Schools working with us at Just Finance Foundation tend to do so through their own commitment to providing a lasting, relevant and functional education for their children, taking their learning further than that provided by the maths curriculum and into the life skills they need for their futures:

“[Financial education with JFF] has allowed [our pupils] to have a head start on the idea of money covered in the National Curriculum during PSHE sessions as well as Maths. It has supported a lot of our children who come from pupil premium backgrounds. These children are less fortunate financially and having these sessions accessible to them not only supports them but aids families too.” - Classroom teacher, East of England

“Our children from challenging backgrounds, some previously had no concept of money or looking after money, this programme has helped to teach them about being self-sufficient and responsible.” - Classroom Teacher, London

Children would benefit from a curriculum with a more dedicated focus on financial education from an early age, enabling pupils to develop understanding of core financial concepts, as well as how to apply those concepts to the real world, as part of their foundational education. A structured financial education programme, with clear statutory guidance for teachers would help build on children’s education in a way that is applicable to their everyday lives.

Similarly, the current assessment system emphasises literacy and numeracy but does not effectively assess practical competencies like financial decision-making and real-world application of knowledge. Standardised written tests are limiting because they often overlook essential life skills and force teachers to ‘teach to test’ rather than teach for life. The purpose of assessment should not be how to teach children to pass a test – it should be to ensure they are developing the breadth of skills needed to thrive. In Developing Children and Young People’s Financial Capability (A Review Of Evidence. July 2023 Prof Tina Harrison, Dr Kitty Shaw and Prof Jake Ansell. University of Edinburgh Business School), the following key findings were highlighted:

• Workshops and classroom formats enhance ability and mindset.

• Experiential or active learning enhances skill development and reaches further into behaviour change.

• The earlier the better – interventions at a young age can positively enhance financial capability.

• Financial education affects both knowledge and behaviour, and is resistant to decay in the medium term.

• Developing the financial capability of vulnerable children and young people requires tailored approaches and flexibility.

As this list demonstrates, standard written tests do not always reflect the best methods of teaching primary-aged children. This means there is a disconnect between how children learn and how they are assessed on that learning. The Department for Education and subsidiaries should collaborate with teachers and financial education delivery experts to ensure this gap is closed, and that assessments better reflect true progress for all pupils.

As part of Just Finance Foundation’s financial education programme, LifeSavers, teachers monitor progress towards understanding and application of financial concepts and abilities on an ongoing basis through practical and conversation-based classroom activities, as well as written activities and worksheets. Our teacher evaluations reveal strong outcomes:

EYFS and KS1: 92% of teachers agree that their pupils understand that money has different uses (spending, saving, giving), and 93% of teachers agree pupils can sort wants from needs.

KS2: 91% of teachers agree that their pupils understand that people hold different attitudes toward money, and 91% of teachers agree pupils can identify positive and negative outcomes for different uses of money.

This indicates that it is possible to monitor progress using methods and measures outside standardised testing that benefit pupils and support learning.

Financial education is a vital part of the skills needed to flourish as we get older and encounter more responsibilities to ourselves and each other – both in life and in the workplace. An agreed set of learning skills and experiences around money, beginning at an early age, is vital for children and their ability to develop into the functional adults we want them to be.

Section 3: Social justice and inclusion 12 In the current curriculum, assessment system and qualification pathways, are there any barriers to improving attainment, progress, access or participation (class ceilings) for learners experiencing socioeconomic disadvantage?

Barriers for socioeconomically disadvantaged:

There are many widely reported barriers for learners experiencing socioeconomic disadvantage, including funding constraints that limit access to high-quality interventions and resources, technology access, and attendance and behavioural challenges. Just Finance Foundation’s response to this question will focus on how barriers in the curriculum and assessment contribute to these challenges, particularly focused on financial education in primary schools.

Financial education is not compulsory in the primary curriculum, which means many pupils miss out on learning foundational skills for financial wellbeing. Pupils that miss out on early financial education may struggle more with financial decision-making, than those that do receive meaningful financial education from a young age. Evidence from the Money and Pensions Service (2021) suggests that young people from lower-income backgrounds (those receiving free school meals in the case of this research) tend to start with lower baseline financial capability and lower confidence levels compared to other peer groups. This makes the role of primary school even more important in levelling the baseline knowledge and understanding for all pupils.

Research also suggests that financial education improves financial knowledge, literacy and confidence among children – and that this is most effective when it starts early. For instance, resources like Just Finance Foundation’s Milo’s Money, which is a stories-based financial education resource for children under 7 years old, demonstrate an increase in understanding financial concepts that can be built on as children grow and develop.

One external evaluation of Milo’s Money (Ecorys, Money and Pensions Service, 2021, Children under seven years: evaluation of JFF’s Milo’s Money) showed that out of 73 teachers, most agreed or strongly agreed that the programme had supported their pupils to feel more confident with basic money concepts (70); begin to understand that people have to make choices about what they buy (68); understand that money has a value and needs to be taken care of (67); and make age appropriate choices about what to buy (67). No teachers disagreed with any of the statements.

“The children really engaged with the story. They could recall the different ways they could use the money Milo earned and showed good understanding of the advice given by the characters. It was a user-friendly, easy way to deliver financial education, which I feel there should be more support for in the curriculum.” - Teacher

School’s purpose is to ensure equitable exposure to key learning areas. Deprioritising essential life skills like financial education when designing the curriculum guarantees that those with less opportunity will face additional barriers in receiving a full and broad education. It also disadvantages those pupils that might have narrow or limited exposure at home for a variety of other reasons, such as gender, culture, family history, and so on.

The primary curriculum’s focus on tested subjects (English and maths) forces schools to deprioritise practical life skills, like financial literacy. This is a missed opportunity for the education system to deliver its purpose to level the playing field and ensure every child has the education they need for life and further study or work. Particularly for disadvantaged pupils, a curriculum that values skills like financial literacy can help education become more relevant to real-life challenges.

“We are finding finance is now becoming a daily conversation within our community. The families are finding meeting their basic needs are a challenge. Supporting the children with understanding finance can release some of the financial pressures that families are under and knowing the difference between wants and needs. Easing these pressures can lead to a happier family life.” - Classroom Teacher, Wigan, North West

In addition, the current focus on standardised written testing can disproportionately impact socioeconomically disadvantaged students, as they are more likely to lack access to additional resources and test preparation. High-pressure testing limits opportunities for some of these pupils to succeed and does not fully reflect potential or progress. For example, the current assessment system does not measure practical skills like financial literacy and money management, which are critical to long-term success.

For our educational system to deliver its purpose and prepare all children, including those experiencing socioeconomic disadvantage, for life and work, financial education must be prioritised in all primary schools. The Department for Education should work in collaboration with teachers to review the assessment system and ensure there is room for prioritising practical skills like financial education in the curriculum and enabling pupils to demonstrate progress.

14 In the current curriculum, assessment system and qualification pathways, are there any barriers in continuing to improve attainment, progress, access or participation for learners with SEND?

Barriers based on SEND:

Just Finance Foundation reemphasises that the current primary curriculum is too heavily focused on academic content in math and English, and that this disadvantages all pupils including learners with SEND. See our responses to Questions 10 and 11 for more detail.

Current assessment of the curriculum is based on standardised testing which is stacked in favour of only two subjects. These tests do not adequately accommodate learners with SEND to participate equally with their counterparts. The current assessment system does not assess, or even consider, vital life skills. As financial education is a key life skill, that would be used throughout the learner’s lifetime, incorporating financial literacy into the curriculum would allow this group of learners the opportunity to gain practical skills.

Financial education, when it is included, is rarely designed to be accessible for SEND learners. Research from Just Finance Foundation (2023) highlighted that 64% of teachers surveyed in Alternative Provision (AP) settings were not teaching financial education at all, and the lack of access to appropriate financial education resources was highlighted as a key barrier. Ensuring teachers have access to financial education resources that meet the needs of their pupils is essential. It is the learners with SEND who frequently miss the creative and enriching areas of the curriculum because schools are focussed on delivering the English and maths curriculum during booster sessions.

This issue is evident in schools where the curriculum is narrowed under pressure to meet standardised targets. Anecdotally, we understand that schools often respond by focusing heavily on maths and English, which can mean that pupils at risk of not meeting targets in these areas are pulled out of other 'less critical' subjects for catch-up sessions. As a result, these students miss out on engaging and essential learning opportunities, which denies them a fully broad and balanced curriculum.

When financial education is not embedded as a core part of the primary curriculum, pupils miss out on developing essential life skills. A broader curriculum could provide pupils with early lessons that help them understand money, budgeting, and long-term planning, skills that are essential for success in the real world. The focus on English and maths, while important for core numeracy and literacy skills, is particularly disadvantageous for SEND learners. Financial education can provide a meaningful way for them to engage with practical concepts and build independence. Schools participating in Just Finance Foundation’s LifeSavers programme said:

“I work in a SEND school and we used Milo's Money with our UKS2 pupils to enhance their learning and understanding of financial education. The children benefitted from a story and set of characters they could learn about through a theme. Our children come from a range of backgrounds and we have high levels of Pupil Premium within our setting. The children do not always have the opportunity to experience real life experiences in the wider world. Milo's Money acted as a means to teach our children about finances and money in a way that they can access and enjoy.” - Classroom Teacher, Subject/PSHE Lead, Northern Ireland

"Having a whole school scheme which can be accessed by every single child (including those with SEN) has made managing our financial education programme much easier. Progression is built into the programme and the resources are correctly pitched for each age group." - Classroom Teacher, Subject/PSHE Lead, Northern Ireland

Accessible and quality financial education would offer SEND pupils the opportunity to build skills and knowledge they can apply in daily life. A system focused solely on academic testing can undermine SEND pupils’ confidence particularly if they struggle to meet standardised benchmarks. Reviewing the curriculum and assessment system and looking more broadly at real-world application of skills could encourage greater engagement, as these skills are often more achievable and relatable. Financial education should be integrated into the primary curriculum from an early age and adapted to meet SEND pupils’ learning needs. Teachers must be equipped with the resources, training and tools to deliver financial education to all pupils in an inclusive and meaningful way.

15 In the current curriculum, assessment system and qualification pathways, are there any enablers that support attainment, progress, access or participation for the groups listed above? [e.g. socioeconomically disadvantaged young people, pupils with SEND, pupils who are otherwise vulnerable, and young people with protected characteristics]

Enablers:

Financial education can equip all pupils with essential life skills, including those learners with SEND. While financial education is present in some primary programmes of study such as PSHE, citizenship and sometimes maths, it is not yet a statutory priority for all primary schools. Just Finance Foundation argues that this needs to change, urgently, so that all children can equitably access vital money lessons that will impact their financial wellbeing as adults.

Research from Just Finance Foundation (2023) found that the main barrier to delivering financial education in Alternative Provision (AP) was a lack of appropriate resources for the learners in these settings. Current financial education resources do not address the unique and often challenging experiences of these children, as they are not intentionally designed with their needs in mind or in partnership with them. This research confirmed that due to the specific needs of these children, primary school level resources should be adapted to incorporate speaking and listening exercises, digital tools such as interactive games, use of the outdoor environment, and durable materials such as thick books.

It is important to equip teachers with the tools and training to deliver and assess financial education in ways that are inclusive and sensitive to diverse learning needs. In some instances, training on how to assess understanding through conversation and practical tasks could support SEND, disadvantaged, and EAL students. Providing clearer guidance on incorporating financial education into SEND education would help ensure all schools can deliver it effectively and consistently.

While there are some elements in the existing primary curriculum and assessment system that can act as enablers to support SEND learners’ progress in life skills like financial education, their potential is limited due to the focus on standardised testing in mathematics and English. For example, PSHE is an undeniable opportunity for teaching life skills that ensure the hard skills being learned in other subjects can be critically thought about and applied to the reality of life in modern Britain. However, assessments that result in distraction from these areas limits the ability of schools to close the gap on areas such as financial education. The existing PSHE framework from the PSHE Association provides opportunities to explore practical topics like money management, budgeting and making informed financial decisions. For SEND learners, these opportunities could be tailored to meet diverse learning needs, focusing on achievable and relevant goals.

Concepts like handling money and budgeting can also reinforce numeracy in mathematics. However, these opportunities are currently underutilised because the curriculum is tightly focused on tested content. In addition, some schools provide life skills training for SEND leaners, where financial education would find a natural fit. Once again, these lessons are not consistently prioritised because they are not formally assessed.

Section 4: Ensuring an excellent foundation in maths and English

16 To what extent does the content of the national curriculum at primary level (key stages 1 and 2) enable pupils to gain an excellent foundation in a) English and b) maths? Are there ways in which the content could change to better support this aim? [Please note, we invite views specifically on transitions between key stages in section 9.]

English and maths - primary content:

The content of the national curriculum at primary level should enable all children to gain an excellent foundation in English and maths. However, this foundation is geared towards specific skills in literacy and numeracy, as these are the elements that will be tested in statutory assessments. An excellent foundation should not only include academic skills that can be tested through standardised written tests. These skills in isolation do not necessarily help individuals to function well in work and life as they grow. It is important that the practical use of numeracy and other core skills is clear and directly linked to real-world applications, like managing money.

The primary mathematics curriculum for England currently focuses predominantly on functional skills to do with number, measures, geometry and statistics. Money fits clearly into this as part of the ‘measurements’ aspect. Specific objectives show that the focus within the mathematics curriculum is on two elements of learning about money: knowledge of what money is (recognising coins and notes and understanding their value) and on using money as a context for problem solving (addition, subtraction, multiplication, division using amounts of money). Money is also used by primary teachers as a context for understanding place value and decimal places.

These objectives enable children to broaden their understanding of number concepts by applying skills and knowledge to different contexts, money being one. This helps them to deepen understanding of the number system. In terms of learning about the wider aspects of financial education, the only part covered well is the recognition of coins and notes and understanding their value dealt with in KS1.

Current Primary Curriculum in England – points relating to financial education

KS1

• recognise and know the value of different denominations of coins and notes

• recognise and use symbols for pounds (£) and pence (p); combine amounts to make a particular value

• find different combinations of coins that equal the same amounts of money

• solve simple problems in a practical context involving addition and subtraction of money of the same unit, including giving change

  KS2

• add and subtract amounts of money to give change, using both £ and p in practical contexts

• estimate, compare and calculate different measures, including money in pounds and pence

• use all four operations to solve problems involving measure [for example, length, mass, volume, money] using decimal notation, including scaling

  We believe there is more scope for developing a deeper understanding of money through the mathematics curriculum and beyond, opening up even more opportunities to expand on the ability of children to manipulate numbers while learning more about money at the same time.

  Just Finance Foundation frequently hears from teachers eager to integrate financial education across the curriculum, by exploring links with priority subjects such as maths. We collaborate with several maths hubs across the country, as well as organisations like Nrich and Sumdog, to enhance financial education in maths lessons. From this experience, we know that simple changes in the existing curriculum would increase opportunities for teachers to explore money as a context for number work while increasing and deepening the children’s understanding of wider financial education concepts. Examples can be found in the curricula recently reviewed by other home nations.

  In Scotland’s Curriculum for Excellence, we can see specific reference to the application of skills within society, the implications of money in the world of work and the opportunity to explore money through learning about business, profit and loss. There is also highly valuable work included on money management and budgeting, incredibly important skills for children to engage in as they get older and prepare for adult life.

  Scotland Curriculum For Excellence:

• Learning in mathematics enables me to develop a secure understanding of the concepts, principles and processes of mathematics and apply these in different contexts, including the world of work

• Also … develop essential numeracy skills which will allow me to participate fully in society

• And, crucially … understand that successful independent living requires financial awareness, effective money management, using schedules and other related skills

  In specific objectives for 8 – 11:

• I understand the costs, benefits and risks of using bank cards to purchase goods or obtain cash and realise that budgeting is important. MNU 2-09b

• I can use the terms profit and loss in buying and selling activities and can make simple calculations for this. MNU 2-09c

  Similarly, in the Northern Irish curriculum, reference to money management and budgeting is clear, as is decision making when it comes to assessing good value for money. Northern Irish primary aged children are also taught explicitly about other currencies, especially the Euro. In an international market, these skills are very important for all children.

  Northern Ireland primary curriculum: Pupils should be enabled to:

• use the four operations to solve problems involving money;

• discuss the value of money, how to keep money safe, ways in which goods can be paid for and the need for budgeting;

• be able to plan and think ahead in terms of saving and spending money; prioritise spending with a limited supply of money; understand how to access best buys;

• discuss foreign currency including the Euro.

  When we work with schools, planning and curriculum integration is clearly very important to teachers. As professionals working in education, teachers are aware of the benefits of over learning, and are often making links between curriculum areas to maximise learning opportunities. We believe that the maths curriculum in England would be far richer if it included more specific financial education outcomes, enabling teachers to increase the ‘real world’ scenarios as contexts for their maths work and their opportunity to make those precious links across the curriculum which make learning more vibrant. Further, while maths provides a natural entry point for teaching money-related skills, it is just one piece of the puzzle. Teachers also recognise the opportunity to embed financial education into other subjects, such as PSHE, citizenship, and even literacy, where discussions about values, decision-making, and real-world applications can further deepen understanding. To maximise the impact of financial education, it’s important to support teachers in seeing it as a cross-curricular priority, not limited to maths alone. This approach ensures that pupils gain a comprehensive and practical understanding of money – and how to make decisions about it.

Section 5: Curriculum and qualification content

22 Are there particular curriculum or qualifications subjects* where: a) there is too much content; not enough content; or content is missing; b) the content is out-of-date; c) the content is unhelpfully sequenced (for example to support good curriculum design or pedagogy);d) there is a need for greater flexibility (for example to provide the space for teachers to develop and adapt content)?Please provide detail on specific key stages where appropriate.*This includes both qualifications where the government sets content nationally, and anywhere the content is currently set by awarding organisations.

Subject content:

Financial education provides children with the skills and knowledge they need to navigate the financial world as they grow and develop. These are not just desirable sets of skills and knowledge, they are essential. Good financial education provides the life skills needed to function confidently in society, it provides opportunities to manage money wisely and contribute to society at a more robust level. For young children, financial education provides the opportunity for beginning to develop positive habits around money, the ability to make wise and measured choices and understand what money is and where it comes from. Formal education at school is not just about hard skills. It’s a process of developing habits, associations and applications of knowledge to the real world.

“Ensuring children have financial skills is key to supporting them for the future. It is our job as educators to provide them with the tools to thrive in the wider world.” - Headteacher, East Anglia

Currently, the only statutory education about money for primary children is within the maths curriculum. Financial education is more than coins and numbers and, as referenced in Just Finance Foundation’s response to Question 16, there are many opportunities to expand on this as the other UK nations have done. Financial education curriculum needs to include real-world relevance beyond these maths skills. Financial education should equip children with critical decision-making skills, such as evaluating needs versus wants, planning for future expenses, understanding how emotions relate to money choices and identifying the implications of those choices – skills that the current maths curriculum will not fully address.

Teachers should be consulted to determine what elements of the curriculum are essential to life skills, and these areas should be prioritised over other outdated elements. If the purpose of the curriculum is to ensure children develop the knowledge, skills and behaviours required to thrive in work and life, more emphasis must be placed on developing life skills, habits and critical thinking around money.

24 To what extent does the current curriculum (including qualification content) support students to positively engage with, be knowledgeable about, and respect, others? Are there elements that could be improved? Respect for others:

Teaching values-based financial education in primary schools can support students to positively engage with, be knowledgeable about and respect others.

As they grow, children will face complex emotional and ethical questions about money and how they use it. However, traditional approaches to financial education often focus on money knowledge and skills, such as counting coins, budgeting and saving. This means that young people miss out on a key component of financial education: aligning management of money and financial decisions with personal values and aspirations.

Values-based financial education provides a holistic approach that emphasises personal values, emotions and social responsibility into financial learning. It fosters a deeper understanding in children of how financial choices impact not only their own lives, but also the people, communities and environment around them.

At Just Finance Foundation, we teach this approach through four key values in our LifeSavers programme: generosity, justice, wisdom and thankfulness. Schools participating in our financial education programme tell us that this unique approach to financial education improves pupil engagement and enriches learning:

“I enjoy the way that [LifeSavers] values incorporate into our school values, using the Milo bear to encourage children to talk about their views and ideas, and teaching children about how to be sensible with money in a fun way.” - PSHE Lead, Hampshire

In the existing curriculum, PSHE is a suitable space for teachers to address this learning. However, it could be improved with clear, statutory guidance on lesson content and expected outcomes. Currently this is issued as non-statutory guidance, resulting in inconsistent implementation (see Just Finance Foundation’s response to question 10).

If a school currently follows the guidance set out by the PSHE Association, then being knowledgeable about and respecting others is covered clearly. However, since this guidance is optional and not mandatory, it is often deprioritised in favour of assessed subjects like maths and English. Schools cannot justify curriculum and lesson time for subjects that are not assessed, even if they see the value in these broader skills.

Our work with schools shows that schools must be given scope in the curriculum and assessment systems to give PSHE and teaching of broader skills like respect the attention it deserves. Schools under pressure to meet performance targets lack the flexibility to do so.

25 In which ways does the current primary curriculum support pupils to have the skills and knowledge they need for life and further study, and what could we change to better support this? Primary - skills and knowledge needed for life and further study:

The purpose of the primary curriculum is to provide children with the skills to enjoy lifelong wellbeing and thrive as adults. The ability to make informed and confident choices with money is absolutely essential to this purpose, and yet financial education is not statutory in the primary curriculum. Financial education is most meaningful when it begins early, when children are beginning to develop the critical thinking, habits and values needed to manage money. However, financial education is often deprioritised in primary schools because it is only found in some aspects of mathematics, the non-statutory guidance for PSHE and citizenship, and it is not part of statutory assessments. Just Finance Foundation advocates that essential life skills like financial education should be a core element of learning in primary school.

The curriculum’s focus on core subjects like literacy and numeracy supports foundational skills necessary for further study and general life readiness. For example, numeracy skills are important tools for financial literacy. But primary school should also support children to develop practical skills that apply to real-world situations, with the curriculum prioritising skills with tangible benefits for pupils’ overall wellbeing, including their financial wellbeing. This ensures that learning remains relevant and impactful.

The curriculum could be improved with an increased focus on practical application and statutory guidance for delivering financial education consistently. While it currently covers essential skills, it often lacks opportunities for pupils to apply these skills practically. For example, and as outlined in Question 16, in the current maths curriculum pupils learn to identify coins and use monetary symbols in addition and subtraction. However, the maths curriculum does not meaningfully cover the real-life scenarios during which one might need to apply these skills to financial management and decision-making. In assessments, children will be tested on how accurately they can complete calculations, sometimes using monetary values, but they are not assessed on their progress towards making informed decisions about money or how to manage it. As a result, the curriculum is not prioritising the practical skills that children need for life.

Many primary schools we engage with see life skills as an optional add-on to the curriculum, often requiring effort and time that schools simple do not have. These initiatives are labelled in various ways; some schools refer to them as their ‘life skills curriculum’, while others, like one we visited recently, describe them as ‘flourishing foundations’. What is clear from these initiatives is that children need more than just subject-specific knowledge – they require the skills and understanding to actively participate in and contribute to society – and this practical understanding is currently being delivered outside the statutory curriculum.

Making life skills education, including financial literacy, a statutory part of the curriculum from early primary years would have a big impact. It would help ensure every school prioritises this essential subject for all pupils, empowering them with the tools to navigate their futures with confidence. In addition to making financial education a part of core learning, we must also support teachers and schools to deliver it effectively.

In our work with primary schools across the UK, we also often encounter evidence of inequality of access to financial education resources. School budgets can come under pressure to provide teachers with the resources and guidance they need, paying large sums of money to subscription-based providers. In areas of higher deprivation, where schools must provide more focused services for the children, more teaching assistant staff to help support children with learning, more family link workers to enable better access to the school, and more support with the basic requirements for learning, adequate clothing, school supplies, IT equipment, and so on, there is simply no money left to purchase these subscriptions. This means that children in these schools can miss out on these important but non-statutory subjects. Schools like this need rely on support and access to free programmes, such as that provided by Just Finance Foundation and others in the sector, to provide a fully relevant curriculum.

“Schools can not afford paid subscriptions anymore. If you want economics to be on the agenda, you must support programmes like [Just Finance Foundation's].” – Classroom Teacher, South West

“There is a massive drop in schools budgets year on year and the harsh reality is that those children in the most deprived areas will need this education the most and are least likely to get it. All children deserve to benefit from this focus in education to equip them with the skills to realise success and reward in their future lives.” – Director of Primary Education, South East

Collaboration with teachers is essential to getting this right. In addition, teachers will require time in the curriculum to deliver this. We strongly recommend collaborating with teachers to review curriculum content and ensure each component is aligned with the goal of preparing pupils for life and further study or work. Organisations like JFF can offer expertise in how to deliver financial education for primary-aged pupils in an engaging way that works within the existing curriculum – providing teachers with more resources and time to deliver this would make a big difference.

“School budgets are already limited and stretched. We struggle to fund even the most basic of resources. We are a school in an area of high deprivation and it is vital that we give our children experiences and education to support essential life skills. As a school, it is important for us to give the children varied and engaging experiences that they may not normally have access to – Lifesavers [by Just Finance Foundation] gives pupils the opportunity to access engaging resources and education without putting additional pressure on staff and schools.” - Early Years Classroom Teacher, Nottingham, East Midlands

“Small schools, who are a vital part of supporting education for those children and families living in villages, do not have the budget for outside resources, so this is a massive bonus for us and we really appreciate all support we are offered.” - Head of School, Kent, South East

“It is important that children are supported to learn good money habits from a young age. As teachers it is really useful to have advice and resources to help us provide good quality teaching in this area.” - Deputy Designated Safeguarding Lead, Salisbury, South West

Section 6: A broad and balanced curriculum

28 To what extent does the current primary curriculum support pupils to study a broad and balanced curriculum? Should anything change to better support this? primary - broad and balanced:

The current primary curriculum aims to provide pupils with a broad and balanced education by providing opportunities for children to study across many subject areas. In practice, the emphasis on core academic subjects like maths and English often narrows the scope of learning. While these subjects are important, their dominance in the curriculum and assessment system leaves limited space for equally important life skills, such as financial education, to be taught consistently and effectively. Financial education is a key component of a truly balanced curriculum. It equips pupils with the practical knowledge and confidence to make informed decisions about money—skills that are essential for their future wellbeing. Currently, financial literacy appears insufficiently in maths, and more widely within PSHE and citizenship. But without statutory guidance for these broader subjects, its delivery is inconsistent and varies depending on a school’s priorities.

To better support a broad and balanced curriculum, changes should be made to prioritise financial education as an essential part of primary education. Embedding it more explicitly and consistently within the primary curriculum would ensure access for all pupils, helping them connect their academic learning with core life skills.

Schools are put under increasing pressure from primary assessments at KS2, OFSTED inspections, Local Authority school improvement partners and local arrangements for multi academy trusts or diocesan boards of education. In our experience, the result of this can be that schools, often those with complex catchment areas, feel the need to spend more time responding to these pressures and less time covering non-assessed curriculum content. For example, subjects which cover financial education like PSHE can become a ‘fillers’, to do when there is time, or used as an activity when the teacher is away on planning, preparation and assessment time.

“It is our children that asked for some more education on money and finance. They are very aware of how important a good job/career is in later life. Schools should be able to equip their children with the skills needed so that they can manage their money and lifestyles effectively.” – Deputy Headteacher, West Midlands

The Department for Education should work with teachers and education delivery experts to develop statutory guidance on financial education and ensure prioritisation and consistency across schools. Having an agreed set of learning objectives would enable schools to plan effectively and provide adequately for their children.

31 To what extent do the current curriculum (at primary and secondary) and qualifications pathways (at secondary and 16-19) ensure that pupils and learners are able to develop creative skills and have access to creative subjects? support for creative skills and access to creative subjects:

As financial education resource providers, Just Finance Foundation does not see a divide between our focus and creative areas of the curriculum. Primary school teachers are creative by nature, they often look for ways in which they can enrich and deepen learning, they make links between subjects so that children can see learning in different contexts and achieve more understanding as a result. Primary practitioners are aware of the benefits of joining up learning in this way.

Creative application is the highest level of Bloom’s Taxonomy, reflects mastery and should not be dismissed as an extra feature of schooling, especially at primary level. Creative subjects and activities allow opportunities to reinforce the application of skills in new and unexpected ways, providing reinforcement opportunities.

At Just Finance Foundation, we have provided schools with opportunities to do this creatively in the area of financial education. We encourage young children to learn about money through stories in our Milo’s Money resources, our conversation cards and assembly resources. We also have a learning resource for older KS2 children which explore financial situations through drama.

“KS1 really enjoy a role play area - shop, cafe etc where they are using the [financial education] resources as a hands on approach.” – Deputy Head, North West

“Our savings club is a tangible way for children to understand saving.” – Classroom teacher, PSHE Lead, South East

“I work in a SEND school and we used Milo's Money with our UKS2 pupils to enhance their learning and understanding of financial education. The children benefitted from a story and set of characters they could learn about through a theme.” - Classroom Teacher, Subject/PSHE Lead, Northern Ireland

Making links between specific learning in an area such as financial education within a more balanced curriculum and more creative areas encourages deeper learning and understanding (Bloom’s Taxonomy). These links encourage young children to think more and to enjoy accessing the learning in an interesting way.

Just Finance Foundation’s work is focused around developing learning through wider values, encouraging a more creative way of thinking rather than simply learning facts about banks, tax, interest, and other financial concepts that will change over time. We believe that by encouraging children to think more deeply, making the most of strong curriculum links within creative subjects, they will find longer lasting understanding and be able to apply their learning to different scenarios in a more meaningful way.

Section 7: Assessment and accountability

35 Is the volume of statutory assessment at key stage 1 and 2 right for the purposes set out above?

volume of assessment at key stage 1 and 2:

Statutory assessments at Key Stages 1 and 2 primarily focus on measuring academic progress in core subjects like maths and English to measure national standards. While core skills like numeracy and literacy are important, assessments that solely focus on traditional academic subjects limit primary schools’ ability to deliver a balanced curriculum that includes essential life skills like financial literacy. In this sense, it is not the volume of statutory assessment that is the issue, so much as the pressure on teachers and pupils to reach outcomes that may not serve their long-term wellbeing.

Creating a high-stake testing environment that relies on a form of written assessment which is contradictory to many of the modern teaching methods in primary school means that all focus will be directed towards ensuring the skills learned in that year are around test taking, not around the content itself.

This disrupts the ability to incorporate perceived extras – any topic that is not being specifically assessed in the formal assessment. It also means that any adjustment to the content of the assessment will not change the time spent focussing on how to complete long form written assessments, leaving key learning behind.

Just Finance Foundation is concerned that if this approach to statutory assessment continues, it limits opportunities for children to develop practical financial skills that would contribute directly to future wellbeing, independence and confidence in managing money.

We would encourage the Department for Education to first collaborate with teachers and financial education providers to review the content that primary-aged children are being taught and reprioritise that content in favour of essential life skills. Then, the statutory assessments should be adapted in line with that content. While academic assessments will no doubt continue to play a key role, a more balanced approach that includes practical assessments of skills like financial literacy would better prepare students for real-world responsibilities. In addition, our experience indicates that introducing more formative style testing of practical skills progress would reduce pressure on pupils who struggle with academic testing, setting more children up on a path towards inclusive success at school and long-term wellbeing.

36 Are there any changes that could be made to improve efficacy without having a negative impact on pupils’ learning or the wider education system?

key stage 1 and 2 assessment improvements:

Primary school education should prioritise practical skills that equip pupils for work and life. Any work to improve efficacy must align with this more balanced purpose – without creating added stress or pressure on pupils, teachers and school resources.

The curriculum should prioritise the key skills that are required for life in modern Britain, including financial literacy and confidence. How those skills are taught regularly in the classroom must be factored into the decisions about how progress is assessed. This would shift the focus from teaching the skills of test taking – a skill that does not serve children well for life outside a school or academic setting – towards the teaching of skills that best prepare children for life.

The Department for Education should collaborate with experienced teachers and financial education providers to determine where efficacy can be improved. Just Finance Foundation has found that a flexible, cross-disciplinary approach works well for integrating financial education alongside traditional subjects. For example, quality financial education resources and training can support primary school teachers to do more with maths by introducing concepts like budgeting, financial decision-making and risk management, allowing pupils to apply their maths knowledge to real-world scenarios without overloading the curriculum. Formative assessments could be used to monitor progress and understanding over time and allow teachers to spend more time and resources on skills-based learning, including financial literacy.

“The children enjoy the interactive games in KS1 and the props and drama in KS2. The Muslim children enjoyed sharing their stories about Eid and how they share and save money within the community. The impact has been good as the scheme is very cross curricula and has been used within PSHE and RE to support learning. The children really enjoy discussing and acting out scenarios.” – Classroom teacher, North West

“[LifeSavers by Just Finance Foundation] has allowed them to have a head start on the idea of money covered in the National Curriculum during PSHE sessions as well as Maths. It has supported a lot of our children who come from pupil premium backgrounds. These children are less fortunate financially and having these sessions accessible to them not only supports them but aids families too.” - Classroom Teacher, East Anglia

“Working with KS1 it is great looking at how we need to look after money- many initially viewed its only use was spending! It gave them a new way to look at what money is for. The resources have had a positive impact across the whole school and enabled us to deliver fundamental parts of the PHSCE curriculum.” – Deputy Head, North West

Investing in training and quality resources for teachers is critical to improving efficacy without compromising learning outcomes. Financial education providers like Just Finance Foundation are already providing CPD accredited training that supports teachers to integrate financial literacy into their teaching, providing them with engaging, easy-to-use materials and activities that are accessible for pupils and make it easier for teachers to incorporate financial concepts into existing lessons. In our most recent teacher evaluation survey, teachers surveyed indicated that they feel confident in their ability to deliver financial education in school (95%) and confident to use our financial education resources to meet PSHE objectives (90%).

Finally, improved efficacy is only meaningful if it is improved system wide. This means we must invest in providing equitable access to practical skills learning, ensuring that all schools, especially those in low-income areas, have the resources needed to teach practical life skills, including financial education. This should include funding for dedicated materials, training and support, as well as tailored resources for children with additional needs such as SEND learners.

Section 7: Assessment and accountability

44 To what extent, and in what ways, does the accountability system influence curriculum and assessment decisions in schools and colleges?

accountability system influence curriculum and assessment decisions:

Just Finance Foundation understands that the accountability system plays a key role in maintaining school standards through measures such as standardised testing and Ofsted inspections. However, while the system rightly emphasises some core academic competencies, it significantly influences curriculum and assessment decisions in ways that can unintentionally narrow educational focus. This often leaves critical areas like financial education underrepresented, despite their importance in preparing pupils for real-life challenges.

Financial literacy, though sometimes introduced in PSHE, citizenship and, to a lesser extent, maths, lacks consistent delivery across schools because it is not explicitly assessed or incentivised within the accountability system.

Primary schools, particularly those in challenging catchment areas, face additional pressures to meet performance benchmarks in KS2 assessments, Ofsted inspections, and local authority, diocesan boards of education or academy trust targets. Anecdotally, we have found that in such environments, subjects like PSHE—and by extension, financial education—are often deprioritised to meet these pressures. Teachers often report that these lessons are scheduled inconsistently, used as filler activities, or deprioritised altogether to accommodate test preparation for core subjects.

This approach overlooks the essential role financial education plays in equipping children with practical life skills, such as managing money, understanding the difference between needs and wants, and practising financial decision-making. Without a clear place within the accountability system, financial education will remain a nice-to-have rather than a fundamental part of preparing pupils for further study, work and life.

PSHE and citizenship provide some flexibility for introducing financial education, and schools can deliver creative, meaningful lessons when time and resources allow. For example, through Just Finance Foundation’s financial education programme, LifeSavers, teachers monitor progress towards understanding and application of financial concepts and abilities on an ongoing basis through practical and conversation-based classroom activities, as well as written activities and worksheets. This approach demonstrates that it is possible to assess understanding and skill development in ways that support broader educational goals. Our teacher evaluations reveal strong outcomes:

EYFS and KS1: 92% of teachers agree that their pupils understand that money has different uses (spending, saving, giving), and 93% of teachers agree pupils can sort wants from needs.

KS2: 91% of teachers agree that their pupils understand that people hold different attitudes toward money, and 91% of teachers agree pupils can identify positive and negative outcomes for different uses of money.

This indicates that it is possible to monitor progress uses methods and measures outside standardised testing that benefit pupils and support learning.

The current focus on test preparation limits pupils’ development of critical thinking and problem-solving skills and reduces opportunities for practical application of the skills they learn. Standardised testing and targets for academic skills does provide a benchmark for performance - but only in a very narrow view of learning and education. The ability to apply these skills in a practical or real-world context is missing. This means that schools and their teaching staff are put under pressure to achieve standards that do not intentionally ensure children have adequate life skills. This once again, drives the curriculum away from its intended purpose to prepare children for work and life.

Whilst we agree that accountability is needed, a balanced approach could better support broader educational goals, like essential financial education. Schools should be encouraged to integrate broader skills, like financial literacy, critical thinking, and wellbeing – into their curriculum without feeling constrained by accountability metrics. Incorporating more diverse assessment methods, such as formative assessments, that recognise a range of student achievements and skills beyond standardised testing could help facilitate this.

We recommend collaborating with experienced teachers and financial education providers to determine the best approach for ensuring the accountability system supports schools to deliver the broad and balanced curriculum that we want to see – one that values core skills and broader development that prepares pupils for life.

45 How well does the current accountability system support and recognise progress for all pupils and learners? What works well and what could be improved?

accountability system support and recognise progress for ALL pupils:

Financial education is essential to preparing children for future study, work and life. Money impacts us all, regardless of where we live, how we learn or what path we choose after school. Financial education is most meaningful when it begins early, when children are beginning to develop the critical thinking, habits and values needed to manage money. However, financial education is often deprioritised in primary schools because it is only found in some aspects of mathematics, the non-statutory guidance for PSHE and citizenship, and it is not part of statutory assessments.

As a result, financial education lacks recognition and prioritisation within the accountability system for primary schools. To be truly supportive and recognise progress for all pupils and learners, the system should evolve so that it values life skills like financial literacy.

Currently, Ofsted evaluates whether schools provide a broad and balanced curriculum, which can incentivise schools to include financial education as part of their broader offer. However, without a framework for measuring progress in financial education, schools do not feel incentivised to prioritise it, even though it supports long-term wellbeing.

Just Finance Foundation believes that the purpose of the accountability system should be to ensure that children are learning the most relevant skills to prepare them for work and life. The most relevant skills are not always academic and therefore progress cannot be tested by the same means. The current accountability system primarily recognises progress for pupils who excel in the core academic subjects, and those who do well within standard methods of testing. This approach overlooks pupils who may progress differently with a broader and more balanced curriculum that focuses on practical skills like financial education.

By not recognising a broader curriculum and practical skills, the current system could evolve to support and celebrate the diverse ways in which all pupils can learn, progress, and ultimately succeed. To create a truly inclusive accountability system, we need to value and assess a broader range of skills that prepare pupils for real-world success, ensuring that every child’s unique learning style and strengths are acknowledged and fostered.

Just Finance Foundation calls for a review of the foundational skills and knowledge we want children to develop by the end of primary school, so that we can then determine the best methods of testing progress against that knowledge and skills.

Section 9: Other issues on which we would welcome views

52 How can the curriculum, assessment and wraparound support better enable transitions between key stages to ensure continuous learning and support attainment?

wraparound support enabling transitions between key stages:

Ensuring all children reach a baseline understanding of financial education by the end of primary school is essential. Waiting to secondary school is too late and, in many ways, sets children up to fail. We do not send children into secondary school and require them to read Shakespeare without first laying the foundations for literacy in primary school and verifying that they can actually read. We should not be sending children to secondary school expecting them to have the same baseline knowledge of money if we are not laying the same foundations for financial education.

Financial education is currently statutory for KS3, but not all children are transitioning with the baseline knowledge they need to be able to access higher level thinking about financial situations. Children would be better supported in this transition if financial education was available to all pupils as a statutory aspect of their learning, with an agreed and consulted set of targets and objectives for children to learn according to their age and/or stage of development.

Teachers and other education delivery experts know how important it is to establish what children need to know along their learning journey, how learning develops, and how each stage leads to the next. Stages of learning should be established for financial education that focuses on future financial wellbeing – so that teachers at EYFS, KS1 and KS2 know exactly what children should know and how their financial skills should develop.

Once this is in place, teachers at KS3 would have the confidence to know what baseline knowledge the children should be arriving with, rather than the current situation where children from some schools may have foundational understanding while others may not have encountered learning about financial education at all.

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