The GCSE curriculum as a whole must be reduced in size, and by more than the government’s reforms are currently proposing.
The Need for Financial Literacy in Schools
Students and teachers alike are calling for a more relevant curriculum that includes vital skills like financial literacy. In response to an article by Simon Jenkins, Myles McGinley argues that teaching practical maths skills is tricky in an overstuffed curriculum.
There is no binary choice between the academic study of maths and more specific knowledge of compound interest or inflation. 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.
The Obstacle of Time
The biggest obstacle is the lack of time to teach these vital skills. We have an overstuffed GCSE curriculum and exam schedule. Cambridge OCR is starting to tackle this problem with an award in financial literacy that can be delivered flexibly by time-poor schools.
But this is not enough. 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 proposing. It is not maths education that stands in the way of financial literacy – it’s too much caution when it comes to reform.
Myles McGinley
Managing director, Cambridge OCR
