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Basic arithmetics is not the only deficient field in UK secondary school math curriculum. Higher tier domains like statistics, calculus, trigonometry, geometry, vectors, math analysis are deficient too.
Some of the skills tested in the study seem more like arithmetics rather than financial skills: - "About a quarter could not work out how much change they should receive from a shop..." - "About one in three adults struggled to work out the price they had to pay.. per litre or per kilo" - "About half could not read a simple financial line graph" - "Most struggled to calculate discounts involving more complex calculat…
While your point is literally true, having basic arithmetic proficiency does go some way in making sense of the world. Quick mental calculations to see when you'll reach a certain place, ability to compare things when they're in different units etc. It's not only the skills but the overall mental model that they help create. The world starts to become a little more rational and sensible when you can do this.
Basic arithmetics is not the only deficient field in UK secondary school math curriculum. Higher tier domains like statistics, calculus, trigonometry, geometry, vectors, math analysis are deficient too.
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It's an exaggeration more than a myth, IMO. It's directionally correct, meaning no re good would be done by people considering it than ignoring it.
What instead of the "Latte Factor", they said... - buy a house that is well below your means or even move some place where your cost of living compared to your money earning potential is favorable. -Get a degree in something that can make money instead of a BS in Ancient Chinese Art History. -Don't go into debt getting a degree from a prestigious college to be a high school teacher. Go to a cheap state school. -Buy a…
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Especially when you consider that most supermarket labels will also include the "price per unit weight" or "price per unit volume" on the shelf with a smaller font, it becomes trivially easy to compare which bottle of soap is going to get you the most for your money. Or maybe you neglect to do this (simply opting for the container that looks the most appealing rather than optimizing for the amount of liquid per dolla…
You think someone who can't solve arithmetic problems is going to understand the consequences of compound interest and the TCO of revolving debt?
However, I understand compound interest and consumer debt very well - I pay my credit card in full every month, I save for retirement, I actively budget. I've also had a career in the computer and Internet business for 25 years. A calculator solves a lot of problems.
Earlier quoted context omitted.
Especially when you consider that most supermarket labels will also include the "price per unit weight" or "price per unit volume" on the shelf with a smaller font, it becomes trivially easy to compare which bottle of soap is going to get you the most for your money. Or maybe you neglect to do this (simply opting for the container that looks the most appealing rather than optimizing for the amount of liquid per dolla…
>...catastrophic consequences of spending $9 per month on dish soap when you could have spent $7.20 instead. Indeed, for the poor, it doesn't take too many of these $1.80 differences to add up to catastrophe.
Warren Buffet is working to fight this, he's made a series of "Secret Millionaire's Club" videos designed to educate kids about money. I think it's a great program.
Basic arithmetics is not the only deficient field in UK secondary school math curriculum. Higher tier domains like statistics, calculus, trigonometry, geometry, vectors, math analysis are deficient too.
Is this from experience or general "I read that exams got easier" hearsay? I got good coverage of all the topics you discussed (however I'm not sure what "math analysis" refers to). I went through the Scottish system (ending around 2003) but I cannot imagine it was much different/worse in England, NI and Wales and I've no reason to believe they made things easier.