M is for Money
In a world where transactions happen at the swipe of a card or the tap of a screen, it's easy to overlook the fundamental importance of numeracy skills and money. Is there a risk as we move more into a digital age, that the tangible significance of coins and notes is lost?
In today's increasingly digital world, the importance of teaching children about money goes beyond simple arithmetic—it's about instilling life skills that will empower them to navigate the complexities of the modern economy with confidence and competence. As of 2024, one in seven (14% or an estimated 7.4 million people across the UK) adults felt heavily burdened keeping up with domestic bills and credit commitments. Therefore the importance of teaching money has never been more important.
Understanding the Abstract Nature of Coins:
One of the first concepts to convey to children is the abstract nature of coins. Unlike everyday objects where size often correlates with value, coins defy this logic. A smaller coin might hold more value than a larger one, for example 2 pence and 20 pence. There can also be a confusion when adding coins that the overall size of the new coin does not represent what we have added. For example, 2p + 2p + 1p = 5p, however the size of a 5p coin does not represent the coins that have been added together. Key learning here, is for students to understand the coin represents an amount and the size of the coin does not represent a value. Encourage students to explore different coins, noting their sizes, shapes, and denominations. Additional key learning, is to understand what coins do and don’t exist. How many times have you seen a student draw or give the answer of a 30 pence coin?
Challenges with Digital Transactions:
In an era dominated by digital transactions, children are growing up in an environment where the tactile experience of handling money is becoming increasingly rare. This presents two challenges:
1. Children may only have experience of money in the classroom and therefore lose out on “real world” maths of going to a shop, comparing prices and cost and weighing up their change.
2. Children may not learn the true value of money. Unlike physical cash, where the exchange is tangible, swiping a card can feel detached from the value being spent and the impact on our finances is not immediately noticed because we have not handed over anything nor do we know how much we have left.
Linking Money to Number Sense
Money and number sense are intrinsically linked. Number sense—the intuitive understanding of numbers and their relationships—forms the foundation for grasping the value of items and making informed financial decisions. Help children develop their number sense by incorporating real-life examples of money transactions into math lessons. Engage them in activities such as budgeting for a class project or calculating the cost of items at a pretend store. Encourage discussions about the relative values of different coins and bills, reinforcing the connection between numerical values and tangible goods or services.
Teacher perspective
The Secondary Maths curriculum does not have many mentions of money in it. In fact it only appears once across KS3 and 4. Despite this it is used in many questions often as a side note the actual task at hand. I have however taught many lessons about finance and managing money. The introduction of Core Maths in 2017 has given schools and students the opportunity to look at a wide variety of real world maths problems. With a whole finance section within it Core Maths is a course I would recommend to any 16 year old who is preparing to go to 6th form and has an interest in mathematics but doesn’t want to study a Maths A-Level.
With money I feel it is important to take the fear away from using it and make the learning fun. There are plenty of board games which use money. I have played monopoly with 20 teenagers, was it mayhem, yes, did the pupils learn something yes especially when I started adding in outside factors such as inflation and mortgages rates. Pupils also appreciate being taught about budgeting, one thing we do with the pupils is get them to create a budgeting spreadsheets, Money Saving Expert has a great spreadsheet which can be adapted for students needs.
