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Education: Sponsorship

Volume 712: debated on Wednesday 8 July 2009


Asked by

To ask Her Majesty's Government what steps they are taking to encourage the private sector to sponsor financial education in schools. [HL4643]

The Department for Children, Schools and Families is working closely with the Personal Finance Education Group (PFEG) in helping schools to plan and teach personal finance relevant to students' lives and needs. It is widely recognised as a leading force in the delivery of personal finance education within schools in England covering the 4 to 19 age range and receives cross sector support from business, government and the educational establishment. It currently receives private sector support through a number of projects.

The What Money Means is a ground-breaking research and development project funded by HSBC Bank plc (£3.4 million). This is in addition to the £10 million committed by the DCSF over three years (2008-11) to support personal finance education in schools through the My Money programme.

During the five year project (January 2007 to December 2011) What Money Means works with local authorities to develop and deliver a range of different approaches to personal finance education in primary schools, and offers training and support to local authorities and schools in how to translate these approaches into classroom practice and integrate them into the authority's future strategic planning.

A minimum of 36 local authorities over the five years of the project will be engaged in this project directly and receive support from a dedicated (PFEG) consultant.

There is also a ground-breaking volunteering programme and partnership between PFEG and the financial services sector titled “Use Your Expertise”. It aims to match the unique skills of people working in financial services with schools to help make financial education real and relevant for young people.

The following organisations have currently signed up to this scheme:

Institute of Chartered Accountants in England and Wales (ICAEW);

the Personal Finance Society;

the Coventry Building Society;

Rathbones; and

the Co-op.

Finally, the PFEG Quality Mark accreditation system which is sponsored by Prudential also ensures that resources and materials for teaching financial capability are suitable, effective and of the highest educational quality—whether for year 1 or year 13. To date, more than 50 carefully selected resources have been awarded the Quality Mark, a number of which have been provided by financial service organisations as part of their corporate and social responsibility programmes.