Do 18-Year-Olds Need to Continue Maths Studies? An Accountants Perspective
I’m told that an accountant is someone who solves a problem you didn’t know you had, in a way you don’t understand.
As part of an ambitious programme to make Britain a global market leader, the Prime Minister has laid out plans for maths to be made compulsory for all 18-year-olds. His idea was widely disparaged, with the more cynical expressing the view that, in order to divert attention from problems with the NHS and the cost of living crisis, Rishi Sunak was creating a new problem without really explaining how his proposals would leave us better off.
The importance of maths came to the fore during the covid pandemic. Governments were required to make decisions as to whether to ‘shut down’ or ‘stay open’ based on mathematical models such as the ‘susceptible infected removed’ model, and the results of equations predicting the effects of lockdowns on the economy. These were major and far-reaching decisions, but reflect the mathematical skills required at jobs of all levels as ‘big data’ becomes more accessible, and understanding and interpreting data drives strategic decisions.
I think we would all agree that, even for those of us not using pivot tables on a daily basis, maths is essential in our everyday lives. When we go shopping, we want to be sure that that BOGOF deal is actually saving us money. Estimating our journey times requires mental arithmetic, and when we holiday abroad, being able to convert currencies is essential. There are even benefits to just studying mathematics, with a study from the University of Oxford concluding that continuing to study mathematics above the age of 16 has enhanced the rate and efficiency of brain development.
All of this makes the data around the proficiency in maths of British students worrying. In an analysis of the results of the PISA (the OECD’s Programme for International Student Assessment) examinations taken in 2018, the abilities of half a million 15-year-old students from 72 countries were measured. PISA aims to assess how well students can apply their knowledge and understanding, to develop new approaches and strategies for attacking novel situations. British students sitting the higher level papers scored slightly above the world average. But with around 20% of British 15-year-olds not even passing the level 2 paper, the suggestion is that students cannot even do basic mathematical calculations!
Yet, whilst I have focused here on maths results, careers in the modern world require many other equally important skills, such as the ability to write, debate and think creatively. This is actually borne out in my work as an accountant. Many people assume that to be a good accountant one needs to be able to do difficult sums in your head! In fact, while it is important to be comfortable with and enjoy working with numbers (after all, you will be dealing with figures daily), sophisticated mathematical skills are not essential. Accountants need good analytical skills and attention to detail. Being organised, managing time well, and being able to prioritise are critical to managing and delivering results. The modern accountant must be computer literate and, of course, excellent communication skills are a requirement, especially when explaining complex technical areas to the layman.
Does this mean that the next Prime Minister will decide that for Britain to excel, all 18-year-olds will be required to take English or Art? Furthermore, by forcing students to focus on a subject they do not have an affinity for instead of allowing them to develop their skills in other areas, we risk ending up with a workforce who have not developed the inherent skills they have.
I would therefore like to suggest that instead of promoting ‘pure maths’, Rishi Sunak should ensure that our schools focus on financial literacy. Students should be comfortable in ‘life maths’ such as how mortgages work and how to budget and forecast, something schools can achieve by perhaps expanding or broadening the current Economics papers to ensure that they are practical and relevant.
The impact this would have would be a game-changer. Financial literacy is a practical skill that can benefit individuals throughout their lives. From budgeting to making informed decisions about financial products and investments, financial literacy helps people achieve their financial goals and live financially secure lives. In addition, financial literacy can help address issues of financial inequality. Many people struggle with financial issues due to a lack of knowledge about how to manage their money effectively, leading to a cycle of debt and financial insecurity. By teaching financial literacy in schools, we can level the playing field and give all individuals the tools they need to succeed financially.
While maths is useful and indeed essential for business, it may not necessarily have a direct impact on an individual's daily life or long-term financial well-being to the extent that it warrants being forced upon all 18-year-olds. Making financial literacy a core part of the syllabus instead has the potential to address issues of financial inequality, and is something that can have a lasting impact on individuals and society as a whole.
Yedidya is a Partner at Raffingers, a top 100 accountancy practice that specialises in strategic business, tax planning and commercial solutions.
If you would like to discuss any aspect of this article or for any other business or accounting advice, please email Yedidya Zaiden at yedidya.zaiden@raffingers.co.uk or click here to get in touch.