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Alison Pask's take on the Chancellor's Statement on increased government funding for Maths

22 November, 2017Alison Pask

GRADUATION115Responding to the Chancellor’s statement today on increased government funding to promote Maths, Alison Pask, Managing Director, Financial Capability and Community Outreach at The London Institute of Banking & Finance (LIBF), said:

“We welcome extra funding to promote Maths in schools but would urge government and teachers alike to ensure personal finance is incorporated more consistently into lessons, particularly as the most common delivery channel is Maths. According to our annual Young Persons’ Money Index, half of 15-16 year olds aren’t currently being taught about money in schools, despite it now being in the curriculum. Over 60% of young people say they worry about money and increasing numbers report being exposed to scams and or targeted with inappropriate products.

“Money really does make the world go round and can fundamentally affect life chances and opportunities, and there’s a clear appetite from young people to learn more. We need to make sure that young people have a really good foundation in how money works, how to avoid scams and how to manage debt – particularly for those getting ready to go to university or start working life.”

Key findings from the Young Persons’ Money Index 2017

  • The number of young people receiving financial education in school has increased by 5% to 44% (2016: 39 per cent), with exactly half of 15-16 year olds saying they now have access. However delivery isn’t consistent and there are differences depending on region, gender and socio-economic group.
  • Maths is the most common delivery channel, followed by Economics, PSHE and Citizenship.
  • 55% of young people say they have enough knowledge to handle their money independently; however there’s evidence to suggest that increased confidence may not translate to genuine understanding.
  • Significant numbers report being exposed to financial crime and/or being targeted with inappropriate products.
  • A majority (62%) say they worry about money.
  • 76% say they want to learn more about managing money.

Read more.