Prime Minister David Cameron has admitted schools have “not got to grips” with financial education in response to Martin Lewis’ campaign for compulsory financial education.

Financial education is currently part of schools’ personal, health, social and economic education (PSHE) but Mr Lewis wants it to be compulsory and a core skill.

Mr Cameron said: “The economic wellbeing and financial capability strand of PSHE was only introduced in September 2008 and Ofsted reported in 2010 that schools had not yet got to grips with it. We are aware some aspects of PSHE are patchy.”

He said a review would be done on PSHE to determine how to improve its teaching and also of numeracy in the National Curriculum.

He said: “If pupils are to understand finance, it is important they also have a good grasp of mathematics. We are also reviewing the National Curriculum to ensure it sets out the essential knowledge children should learn and that pupils get  to grips with numeracy from the start of school.”

This review will also allow the Secretary of State for Education Michael Gove to consider if financial education should become statutory as part of the basic curriculum.

Mr Lewis responded to Mr Cameron by saying: “The word I dream of hearing you say is ‘compulsory’. As you rightly say, maths is crucial but financial education is a boon not a burden to it.

“So far, your government’s only commitment has been Schools Minister Nick Gill saying: “It’ll be looked at in the curriculum review.” That’s good but please ensure this isn’t political double-speak for being filed in the bin.”

To read the full letters click here: http://www.moneysavingexpert.com/news/banking/2012/01/prime-minister-responds-to-financial-education-calls