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Finance and money

Children need to develop a good mathematical understanding in order to function effectively as members of society (Mooney et al, 2014, p.1). Money is an important aspect in everyone’s life and children need to be exposed to it at school. Nowadays, society handles physical money less and less, due to paying by card, online banking and mobile therefor children do not usually see or handle coins and notes as much as they used to. We need to equip young people with the knowledge and skills they need to manage their money (Drabble, 2014).

The national literacy and numeracy framework (LNF) has been developed to help achieve our aims that the children of Wales are able to develop excellent literacy and numeracy skills during their time in school (Welsh Government, 2013). Under the second numeracy strand in the framework, ‘using number skills’, incorporates the use of managing money. The Framework (2013) states that learners in Key Stage 2, Year 2 are able to:

·        Use money to pay for items up to £10 and calculate the change

·        Order and compare items up to £100

·        Add and subtract totals less than £10 using correct notation, e.g. £6.85 - £2.76

·        Manage money, compare costs from different retailers and determine what can be bought within a given budget.

(Welsh Government, 2013).

As children move up to the next year group they will enhance their money management skills and the framework demonstrates the increase in money skills that children need to be able to do throughout each academic year. ‘The needs of employers and the workplace are also seen as vital if young people are to move smoothly and successfully into employment. Concerns about the scientific, technological, engineering and mathematical (STEM) competences of the future workforce have influenced the relative priority given to these subjects’ (Donaldson, 2015, p. 7).

In University, we completed an activity where we explored and reflected on how literacy can be developed at Key Stage 2. We followed a lesson that had been used within a year 5 maths budgeting lesson. The activity was called ‘The Apprentice Challenge’; where we had a budget of £60 (no more or no less) and we had to plan and organise a primary school disco. We had been given the number of children in a year 5 class and the number of children in the whole school, we had to decide how many children should attend the event considering the capacity of the venue. We then had to pick a suitable DJ to include in our budget but also keep it entertaining for the event. After calculating the food, we wanted for the event, my group began to become confused with all the numbers and financial evaluations we had. This opportunity to experience a budgeting lesson that a Year 5 class would have, helped us understand the importance of teaching finance and money in school. There will be situations in life when children become older to manage money and possible organise something financially and these activities help prepare the children.








References

·        Donaldson, G. (2015) Successful Futures: Independent Review of Curriculum and Assessment Arrangements in Wales. Caerdydd: Llywodraeth Cenedlaethol Cymru.

·        Drabble, E. (2014) How to teach … financial literacy. The Guardian. Accessed: 4/5/2019 Available at: https://www.theguardian.com/education/teacher-blog/2013/mar/04/financial-education-teaching-resources

·        Welsh Government. (2013) National Literacy and Numeracy Framework. Support schools in introducing the National Literacy and Numeracy Framework. Department for Education and Skills

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