Prime Minister Rishi Sunak has announced a review of the maths curriculum in England to address the “anti-maths mindset” he believes is holding the economy back.
A group of advisers, including mathematicians and business representatives, will examine the “core maths content” taught in schools and consider the need for a new maths qualification.
Sunak’s plan includes extending maths education until the age of 18 for all school pupils, although it will not be compulsory to study the subject at A-level.
Bethan Lloyd, head of responsible wealth management strategy at Quilter, has commended Sunak’s efforts to improve maths education but emphasised the importance of including practical financial education in the revamped curriculum.
She said: “Rishi Sunak’s desire to improve maths education is commendable but it is crucial to ensure that any revamped maths curriculum includes practical skills relevant to work and life, specifically financial education.”
Lloyd argues that while complex maths skills are useful for some, practical money skills are crucial for all, especially given the dramatic transformation of the world of work in the past 20-30 years. She added, “Sunak’s plan to mandate maths education until the age of 18 can only be effective if it equips students with applicable skills for various aspects of their lives, including personal finance management.”
Lloyd points to the Financial Conduct Authority’s 2022 report, which found that 12.9 million UK adults (24%) exhibited low financial resilience, leaving them vulnerable to financial shocks and difficulties.
She believes that incorporating financial education into the compulsory maths curriculum could empower individuals to make better financial decisions and weather financial crises more effectively.
“Incorporating financial education into the compulsory maths curriculum could empower individuals to make better financial decisions and weather financial crises more effectively,” she said.
Furthermore, Lloyd stresses the importance of educating teachers in financial education, as it is a specialist subject that has long been absent from mainstream education.
She suggests investing in teacher training and learning resources, as well as partnering with external organisations like MyBnk, to ensure teachers are suitably equipped.
“In his speech, Sunak also emphasised the importance of educating teachers to prepare them to provide effective financial education with further qualifications,” she added.
The proposed reforms could foster a generation of individuals better prepared to navigate the complexities of today’s economic landscape, contributing significantly to the nation’s long-term economic growth and stability.
