Rishi Sunak has elaborated on his plan to get all students learning maths until the age of 18, saying it will not be done in the form of A-levels, but financial advisers are not convinced it will succeed.
In a speech this morning (April 17) the prime minister said the country must “change our anti-maths mindset in order to boost growth”.
Sunak initially spoke of the need to improve numeral literacy among the UK population back in January, and noted how just half of all 16 to 19-year-olds study any maths at all.
In his speech today, Sunak said the value of maths is often overlooked despite being “every bit as essential as reading”.
“We make jokes about not being able to do maths. It's socially acceptable.
"So we've got to change this anti-maths mindset,” he said.
“I won’t sit back and allow this cultural sense that it’s ok to be bad at maths to put our children at a disadvantage,” the prime minister told an audience of students, teachers and business leaders in north London.
“My campaign to transform our national approach to maths is not something nice to have. It’s about changing how we value maths in this country.”
The problem seems to be that you are either switched on by maths or you are not — Gary Bush, MortgageShop.comSunak announced the establishment of a new advisory group made up of mathematicians, educators and business representatives that will inform the government’s plan to improve mathematical literacy.
The group will identify the core maths content that is needed by 16 to 18 year olds and will advise on whether a new specific qualification is needed to support this.
"But to repeat: that will not be A Level maths for all,” the prime minister said.
Previously, social purpose company Plain Numbers, which works with financial organisations to simplify their consumer communications, has highlighted how poor levels of numerical literacy has a knock on impact on financial literacy.
The group’s chief executive Mike Ellicock told FTAdviser earlier this year that financial service providers and advisers are greatly overestimating the ability of consumers when it comes to understanding the numbers presented to them in relation to their mortgages, investments and pensions.
Commenting on the government’s plans to boost mathematical literacy, Plain Numbers said today that it welcomed the focus from the prime minister on consumer vulnerability.
“The ‘cultural sense’ that it’s okay to be bad with numbers can have big ramifications in people’s financial lives. Numeracy skills are crucial to money management and day-to-day life decisions,” Plain Numbers co-founder Alison Plant said.
“People must contend with overcomplicated, jargon filled financial information regularly, and inadvertently some firms continue a culture of numbers being considered ‘scary’.”
“By ensuring people are communicated with in a way they can better understand, people can be empowered to make more informed decisions. This is particularly relevant in today's cost of living crisis,” Plant added.
Advisers sceptical
Others in the financial advice profession said the focus was welcomed, but some had little faith that it would result in real change.
“What I see in this speech is a great statement with no real substance behind it yet,” Gary Bush, a financial adviser at MortgageShop.com said.
In Bush’s opinion, numeracy is very important but he said of course he would be of that view as a financial adviser.
“The problem seems to be that you are either switched on by maths or you are not - there doesn't seem to be much middle ground in my opinion.
“Take my children, for example, my daughter has almost zero interest in any form of maths, and aims to zero out the bank balance of her pocket money touch card as soon as practical. My son on the other hand seems to find maths and numbers enriching and analyses each potential use of his debit card like someone who works for Price Waterhouse.
“What we need to see from UK education is teaching children real skills and understanding of how and where maths is used in daily life - for example, mortgage interest rates, lenders’ APRs, rental yields, inflation effects, real-term growth - I could go on,” Bush said.
Likewise, independent financial adviser at Mather and Murray Financial, Samuel Mather-Holgate said forcing teenagers to take maths classes until 18 may be misguided.
“This will be watered down to something similar to the failed 'key skills' policy,” Mather-Holgate said.
“What Sunak should be concentrating on is raising the standard of students' maths skills when they finish school at 16, not forcing them to take further maths until 18.
“His assessment that maths is ubiquitous is correct, so he shouldn't be happy with settling for sub-standard maths skills at 16 and then again at 18. Improvements need to be made at a younger age.”
jane.matthews@ft.com
