Why finance lessons add up

Yet their point is, nevertheless, a serious one that should not be treated glibly. The advent of a consumer-led society, which has, in turn, led to an over-dependence on the credit card, has seen many become unaware about the importance of money, and the need to spend wisely.

This particularly applies to younger people. They may be fortunate that they can solve all kinds of logarithms to pass their Maths A-level with distinction but, invariably, they have an inadequate understanding of the workings of a budget, whether it be their parents’ wise management of the family finances or the Government’s wider fiscal responsibilities to the nation.

Given this, and the fact that most students will be paying considerably more in future for the privilege of an university education, it certainly makes sense for the school maths curriculum to be overhauled and made more relevant to everyday life. This change of emphasis can be done in a way that does not negate the importance of algebra or other complicated mathematical formulae, but it may help the country, in the longer term, if people of all academic abilities command a basic grasp of finance as they come to terms with their pension arrangements and such like.

This need is even more pertinent and relevant following the publication of a scathing Parliamentary report into the latest failings at HM Revenue & Customs, and which have left millions of people facing surprise tax demands.

As well as the length of time that it has taken for this mismanagement to come to light, the inflexible language used by the HMRC makes it very difficult for people not versed in the language of money to finalise their own tax arrangements – and whether they are complying with a labyrinth of rules that, invariably, require a separate A-level of their own to understand.

Given the parallels with the Rural Payments Agency subsidy farce that is now approaching its 10th year, there is no guarantee that the HMRC will rectify its own failings immediately, hence the need for people to be even more acquainted with everyday finance.