Students and teachers alike are calling for a more relevant curriculum that includes vital skills like financial literacy, according to Myles McGinley, managing director of Cambridge OCR. In response to an article by Simon Jenkins, McGinley emphasizes that there is no binary choice between the academic study of maths and specific knowledge of compound interest or inflation.
The Link Between Maths and Financial Literacy
McGinley points out that a general anxiety around maths is a predictor for poor financial literacy, while having high levels of both maths and financial knowledge is associated with better financial behaviour than either one alone. Therefore, integrating financial literacy into the curriculum does not mean sacrificing maths education.
The Overstuffed Curriculum
The biggest obstacle, according to McGinley, is the lack of time to teach these vital skills. The GCSE curriculum and exam schedule are overstuffed, leaving little room for additional topics. Cambridge OCR has started to tackle this problem with an award in financial literacy that can be delivered flexibly by time-poor schools, but this is not enough.
Calls for Deeper Reform
McGinley argues that the only way to ensure all students get the financial education they deserve is by taking difficult decisions elsewhere. The GCSE curriculum as a whole must be reduced in size, and by more than the government’s reforms are currently proposing. It is not maths education that stands in the way of financial literacy – it is too much caution when it comes to reform.
In conclusion, McGinley stresses that reducing the GCSE curriculum is essential to free up space for financial literacy, which is a critical skill for young people. Without bold reform, students will continue to miss out on the practical knowledge they need for their future financial well-being.
