For the 21st century citizen, financial literacy is a must. The current campaign by more than 200 MPs to embed it into the core subject of Maths is a belated recognition of its importance. However financial literacy does not end with talking about finance or talking finance but FINANCIAL CAPABILITY.
Underlying the concept of financial capability are certain crucial societal strands best described as cultural.The culture of saving money and making it work, the avoidance of instant gratification through debt and the overarching sense of individual responsibility are paramount to a financially aware population. If these strands are not fostered by the family and society the end result may be a financial chattering shop society. Making money work is a talent as well as a skill which can be nurtured. It may also be well worth noting that entrepreneurship and the spirit of enterprise do not depend exclusively on number crunching but on risk taking, creativity and resourcefulness. As the widening of the middle class is considered as a significant factor of a prosperous society, does this mean the preponderance of a PAYE psyche actually stimulates economic activities?
What should be the content and syllabus for financial capability in the school curriculum and how would it be related to other areas of the whole school curriculum? Would there an element on how to be alert to rip off schemes?
Concerns have been expressed on the involvement of the banking sector in providing the content of materials and personnel to the schools. While assurances are pledged about the independent nature of content and staff, would they include how to teach the pupils to detect dodgy policies and products and how to read the small print of any contractual agreement bearing in mind that some of the worst mis-selling scandals are the high street banks themselves?
We need a critically aware, financially alert literate population without being slaves to the great God Mammon.
