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Children are unable to work out change.
Because of the widespread use of card payments, children are unable to work out change. The findings came to light as part of a study of the current math curriculum. Children are so used to watching their parents pay with cards and physical money is becoming alien to them. Lessons in primary and secondary schools were observed the researchers were shocked by the children’s lack of numeracy and financial literacy when they were handling money.
Seven and eight-year-olds used plastic money to do transactions they had to find the total cost and give change. Nearly half the class had lots of difficulties because they were not familiar with coins which shocked researchers.
Opportunities for our children to handle cash is dying out. The research by University College London also found that none of the secondary school teenagers in a classroom received pocket money or had a part-time job. When they went shopping their parents would pay or they were given money. Also, a class of 14 and 15-year-olds had no understanding of taxes or of mortgages. Declan Wilkes of financial education charity MyBnk. Remarked this reflects both a sign of the times and also reflects the state of financial education in our schools. It is extremely important to include young people in financial discussions in the home.
As cash is disappearing from everyday life we are beginning to realise how little personal finance is talked about at home.
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