§ 3 p.m.
§ Baroness Turner of Camden asked Her Majesty's Government:
§ Whether, in the pending curriculum review, consideration will be given to the inclusion of money management and personal finance.
§ The Minister of State, Department for Education and Employment (Baroness Blackstone)My Lords, decisions about the need for any changes to the curriculum will be taken when we have considered advice from the Qualifications and Curriculum Authority, following its review of the national curriculum.
The Government will shortly be announcing the membership of and terms of reference for a national advisory group on personal, social and health education in schools. The group will in principle be able to consider personal finance and other aspects of financial literacy as part of its work.
§ Baroness Turner of CamdenMy Lords, I thank the Minister for that response. I am very glad to learn of the developments that are taking place.
Does the noble Baroness agree that in an environment in which people increasingly are being asked to take responsibility for their own welfare they should be 1225 equipped with the knowledge to make the appropriate choices? Is the Minister aware of the activities of a group known as the Personal Finance Education Group? It has the support of a number of large institutions in the financial services industry, including the Financial Services Authority. It is currently propagating the need for increased education in this area.
§ Baroness BlackstoneMy Lords, yes, the Government very much accept that preparing young people in this area is enormously important. Indeed, perhaps if I had been better prepared I might have made a little more money throughout my life than I have done.
We shall be interested to learn from the Personal Finance Education Group. Officials with observer status have represented the department on it and want to work closely with it. The Government are also aware of the good practice schemes involving education business partnerships which help prepare people for the realities of economic life. They are always interested in hearing about successful schemes of this kind.
The Earl of ClanwilliamMy Lords, in view of the Minister's remarks about the necessity for preparation, does the noble Baroness accept that teachers responsible for the operation of such a scheme will have been brought up in the 1960s and 1970s when the idea of savings and personal finance was not a major subject of the curriculum? Now that young adults are expected more and more to start saving early, as soon as they start earning, should not more importance be placed on the training of teachers on this important subject?
§ Baroness BlackstoneMy Lords, yes, I entirely accept that. Through the standards fund the Government want to find ways of providing better training for teachers in this area, in particular in-service training. We shall be looking at that. The subject can best be covered in personal and social education. I have no doubt that the advisory group that the Government are setting up will wish to look at teacher training as part of its remit.
§ Lord BeloffMy Lords, does the Minister agree that one of the problems of revising the curriculum is the number of subjects that people wish to put into it? Is it not most important that space be preserved for subjects which help children ultimately to earn an income rather than the problem of managing it when they have one?
§ Baroness BlackstoneMy Lords, yes, I entirely agree.