PM’s maths vow ‘must include personal finance’

Campaign groups are calling on the Prime Minister to ensure that a recent pledge to improve maths lessons in schools includes personal finances.

Rishi Sunak promised last week that he would ensure that all students study math until the age of 18 and “rethink our approach to math.” Guy Rigden, managing director of MyBnk, a financial education charity, says that in addition to subjects such as algebra and statistics, students need to learn the practical skills to handle their money with confidence.

“This may indeed involve some math, but also information about financial products and services, as well as a focus on forming positive money habits,” he says.

Personal finance classes are currently not compulsory in primary schools and are often only briefly touched upon in secondary education as part of personal, social, health and economic (PSHE) classes. The charity Center for Financial Capability wants maths lessons to include hands-on support to help students better manage their finances once they leave school.

Carol Knight, a charity trustee and chief executive of the campaign group Investing and Savings Alliance, says: ‘The Prime Minister’s announcement does not solve the problem of helping people become more financially resilient in later life. Including financial literacy as part of math lessons is crucial.”

Catherine Winter, managing director of the London Institute of Banking and Finance charity, added: ‘Finance education should ensure that students are better equipped to make the right decisions about how to budget after school. We notice that four out of five young people are afraid of money and need help with the lessons.’