Introducing financial mathematics: a practical guide for key stage three and four

Being financially capable means having the confidence, skills and knowledge we need to manage money well, now and in the future. The development of financial capability is life-long and includes the ability to adapt the approach to money management in response to changes in personal and financial circumstances. Sections entitled Practical links and teaching contexts and Teaching opportunities consider where in the mathematics curriculum links can be made to financial management. Good practice for financial education across curriculum considers the role senior leaders and teachers can play in the delivery of financial education. The resources and activities are:

Money – What is it? – Currency exchange: students compare how much spending money is needed in different destinations. This is done using the exchange rate for the relevant country. Students also investigate the ‘best’ time to exchange their currencies.

Money – Earning it – The world of work: students find out about the minimum wage and calculate earnings, tax and National Insurance. Activities include a modelling exercise involving pay rises and pay cuts, and a rich collaborative task.

Money – Spending it – A set of wheels: students investigate car purchase from the pages of a local newspaper. They carry out simple mathematical exercises based on data collection and investigate how much it costs to run a car per year, using a linear statement.

Money – Saving it – Interesting money: students carry out research on savings to fully understand the concept of annual equivalent interest or AER.

Money - Investing it – Sharing it out: students experiment with a simple share-dealing simulation game. They then use historical share price data to compare company performance.

Money – Being enterprising with it – Ice cream cones: students simulate setting up an ice-cream business. In the lead up to this, students undertake a geometric investigation into volumes related to ice creams and a monetary investigation into costs. The resource activity sheets accompany the activities.