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The UK’s failures in teaching financial education will be the focus of an investigation by MPs, as they increase pressure on the government to strengthen provision in schools.

Robin Walker, chair of the House of Commons education select committee, said on Wednesday that MPs would explore how financial education could be better incorporated in the national curriculum. He said much of the current teaching on the subject was not reaching students.

Confidence with basic numeracy is at a low level among young people at a time when households face the financial strains of high inflation and difficulties managing budgets.

“With families and young people continuing to feel cost-of-living pressures, the case for equipping children of all backgrounds with the life skills and knowledge to help manage their money feels as strong and timely as ever,” said Walker, a Conservative MP and former schools minister.

The formal review will add to pressure on the government from charities and other organisations urging a radical rethink of financial education in Britain.

Walker said the committee would assess how boosting provision at primary school level could feed into Prime Minister Rishi Sunak’s commitment to make maths a mandatory subject for post-16 students.

He added: “Teaching people how to manage interest on a debt for example, might be more important than some of the academic content that’s currently in GCSEs.” 

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