11 October 2023
If you are covering Bridget Phillipson’s speech at the Labour party conference where she will say that Labour will tackle the “chronic cultural problem with maths”, please see comment below from Steven Levin, CEO of Quilter:
“The educational landscape is ever-evolving and the pressing need for children to possess life skills that extend beyond the traditional curriculum cannot be overstated. Labour’s policy to introduce ‘real world maths’ in primary schools is a sensible step towards bridging the gap between academic learning and practical life applications.
“Teaching primary school children about financial education might seem too young but many perceptions of the world and foundational skills are learnt at a young age and money is such a big part of our lives it seems natural that it would form a part of their learning.
“Budgeting and other financial skills can help to set children on a path to financial independence and resilience and help to address a serious lack of financial education in the UK. According to the FCA, in May 2022, 12.9 million UK adults had low financial resilience, which equates to one in four (24%) of all UK adults. Someone might be classified as having low financial capability because they are in financial difficulty or might quickly find themselves in difficulty if they suffer a financial shock because, for example, they have little to no savings or are heavily burdened by their domestic bills or credit commitments.
“Labour should look to the great work being done by many financial education charities, such as MyBnk, to ensure that current maths teachers can learn to teach best practice when it comes to financial education. The curriculum's pivot towards real-world applications, like household budgeting and understanding sports league tables, is sensible but it needs to be taught in an engaging way. It's not just about the numbers; it's about the behavioural aspects of making informed decisions that benefit your financial health in the long run. Embedding these lessons early on, gradually evolving the complexity as children grow, ensures that future generations are not just numerate but also financially savvy.
“While the addition of any additional financial education into school is good, this policy is much more likely to treat the epidemic of financial illiteracy in this country than Rishi Sunak’s ambition to make maths compulsory up to age 18. By our late teens many of our habits are already formed and its then difficult to break them.
“Financial hardships, as evidenced by the cost-of-living crises and global economic challenges, can be daunting. Equip children with the right skills, and they become adults capable of navigating these challenges adeptly.”
