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22nd May 2024 7:00pm News

Education Committee publishes report on financial education

The Education Committee publishes report on financial education. The published report highlights comments made by ACT Chief Executive, Liz Moorse

On Wednesday 22 May 2024, the Education Committee published their report Delivering effective financial education. In February, ACT Chief Executive, Liz Moorse provided evidence to the Education Select Committee and had passionately highlighted the pressing need to urgently improve financial education within the Citizenship curriculum as part of a national strategy to reprioritise Citizenship in schools.

The published report highlights comments made by Liz on Ofsted’s education inspection framework and the consequences of not inspecting citizenship  under the quality of education banner: “The problem is that if you do not inspect citizenship properly, you are not going to inspect financial education properly either, because citizenship and financial education have that relationship. If you are not doing the depth of investigation and supporting schools to do better and highlighting the ones that do it well – and there are many that do it well -we are not going to make progress in the area”. 

Following these comments, the report asks that the DfE works with Ofsted to review how it can improve its evaluation of financial education and recommends that citizenship provision be inspected under the ‘quality of education’ key judgement and personal development. When presenting ACT’s research findings to the committee Liz also underscored the impact of teacher training and stressed the need for an annual guarantee of CPD provision for every subject teacher. In the report, the committee recommends that the DfE should ensure training in financial education is available to all teachers beginning their careers through initial teacher training provision, and that continued professional development opportunities and subject knowledge enhancement (SKE) in financial education are available and accessible for all teachers.

You can access the full report by following the link below.

The Education Committee has published an important report today which rightly recognises the central role of Citizenship in teaching Financial and Economic Education alongside Mathematics and other subjects. We welcome that the committee has drawn on ACT's evidence to recommend the DfE take urgent steps to improve the quality of teaching by improving Citizenship teacher training and how the subject is inspected. We now need a step change from Ofsted to ensure they play their part in evaluating the quality of Citizenship with the same rigour applied to other national curriculum subjects. Better Citizenship education will lead to better Financial and Economic Education and improved outcomes for every pupil.

Liz Moorse
ACT Chief Executive
Read report: Delivering effective financial education