Solve a grade-school math problem-set to boost your financial literacy abilities. Take our assessment for potential improvements.
Financial education in UK schools is gaining traction as a crucial subject, with advocates pushing for its inclusion in the national curriculum from an early age. According to a survey, 84% of young people support this initiative [1].
Currently, programs like "Words that Count" target students aged 11 to 14, particularly those in alternative provision settings, with the aim of improving financial literacy [3]. However, the absence of comprehensive financial education in the curriculum is a concern, as it can lead to adults lacking essential money management skills, often resulting in financial struggles and reduced welfare [4].
The importance of financial education is underscored by the impact it can have on adults' financial literacy. Studies show that early financial literacy education improves individuals' ability to manage finances effectively, leading to better financial stability and reduced financial stress [4].
Barclays has taken a proactive approach to this issue, partnering with National Numeracy to train 'numeracy champions' in 60 primary schools. This partnership aims to boost the numeracy skills of 13,000 children, parents, carers, and staff [2]. Barclays UK's CEO, Vim Maru, believes that providing children with number confidence is crucial for managing and growing finances in later life [2].
The partnership supports better decisions at home, in school, and with finances. It aligns with National Numeracy's mission to help people understand calculations, make sense of numbers, and spot errors [3]. This initiative could potentially help thousands of people build confidence in using numbers, a skill that is increasingly important in today's rapidly changing financial environment.
The call for change extends beyond financial education. A survey revealed that 61% of younger people want to improve their numeracy skills, and 39% of people are keen to improve their number skills [1]. This is echoed by Sam Sims, CEO of charity National Numeracy, who encourages everyone to have basic numeracy skills [2].
However, the current state of financial education in UK schools leaves room for improvement. A worrying 32% of adults lack enough basic maths knowledge to help a child with homework [1]. Furthermore, 43% of the general public believe their finances would be in a stronger position if they had better maths skills and confidence [1].
The issue of financial stress among children is also concerning. A survey found that 46% of children aged 7-14 are worried about money and their future, and 38% of this age group are stressed about finances [1]. This highlights the need for early financial education to help equip children with the skills they need to navigate their financial lives effectively.
In conclusion, the call for financial education in UK schools is growing louder, with support from various sectors. The potential benefits of early financial literacy education are clear, with the potential to improve adults' financial literacy, reduce financial stress, and equip future generations with critical life skills.
References: 1. Financial Education in Schools 2. Barclays and National Numeracy Team Up to Boost Numeracy Skills 3. Words that Count Programme 4. The Importance of Financial Education
- The lack of comprehensive financial education in the UK national curriculum, as advocated by many, could lead to adults struggling with essential money management skills, making them more susceptible to financial hardship and reduced welfare.
- Beyond just financial education, a significant number of younger people express a desire to improve their numeracy skills, highlighting the importance of these basic mathematical abilities in modern finance and daily life.
- Personal-finance education in schools, like the Words that Count program, and initiatives such as the Barclays and National Numeracy partnership, serve as invaluable tools for investing in the future, ensuring individuals are well-equipped for managing finances and making sound investment decisions in their personal-finance and education-and-self-development journey.
