The teacher and broadcaster was speaking ahead of National Numeracy Day
TV mathematician Bobby Seagull has suggested that more partnerships should be established between schools and financial experts to help people feel better equipped for managing their money.
Speaking ahead of National Numeracy Day (Wednesday May 22), the teacher and broadcaster also encouraged parents to have open conversations with children about finance so money becomes less of a “taboo” topic. He said it is “OK” for parents who find numeracy tricky to admit this to children.
Mr Seagull has partnered with Vanquis Bank to launch a series of simple video guides around financial terms, which are available on the Vanquis website and social media channels. Asked why some people find financial terms confusing, Mr Seagull, who has appeared on shows including Celebrity Hunted, University Challenge and Pilgrimage, said some people may have had a difficult experience of maths during their schooldays.
He said: “Because they’ve got a challenging experience of maths at school, they think anything to do with numbers, their mind goes blank. So a lot of people, when they see money, statements, and they see the letters as well, APR (annual percentage rate), AER (annual equivalent rate a term which is often used on savings accounts to help people compare returns), it just means that they have this phobia and they’d just rather not look at it at all, so I think it almost stems from their childhood maths experience at school.”
Not fully reading or understanding financial terms and conditions can lead to unexpected charges or disappointing interest rates, and hinder people from comparing financial products and switching to a better deal. A OnePoll survey for Vanquis in April, which polled 2,000 people, found that one in 10 (10%) individuals avoid actively managing their budgets due to confusion over financial terminology.
Over a fifth (22%) admitted they feel less confident with money because they don’t understand what financial terms mean. Mr Seagull suggested some people might be simply hoping that “things work out” at the end of the month.
He also cautioned that parents could inadvertently pass on their own fears about money to their children, stating: “The children will see mum and dad not looking at personal finances, hoping that things just work out… so it becomes a vicious cycle.” A recent YouGov survey for the Government-backed Money and Pensions Service (MaPS) involving more than 1,000 teachers revealed that just over three-quarters (76%) believe most students finish their education without the necessary financial knowledge for adulthood.
In all four UK nations, money is included in the curriculum, often as part of maths and numeracy, citizenship and personal development subjects. In February, MaPS announced that it had invested £1.1 million in financial education over the past year, emphasising that schools, parents, funders, financial institutions and financial education providers all have a role to play in reaching more children and young people.
When asked if younger generations have a better understanding of financial jargon than older ones, Mr Seagull said “I would say yes, but nowhere near enough, because we know that young people now, they’re bombarded by much more information.”
Mr Seagull highlighted that young people understand the importance of financial education. He suggested that more collaborations could occur between schools and companies with financial expertise.
Mr Seagull added: “There should be more partnerships with experts, whether it’s credit card companies, banks, financial institutions working with schools, to deliver this sort of education.”
On the topic of parents’ role, he said that even when adults struggle with numeracy: “It’s OK to admit to children that they find it tricky, but do something about it and do it with them… The thing is having that openness. The more you can have open conversations with children, the more it becomes less taboo.”
Vanquis has teamed up with charity National Numeracy, which organises National Numeracy Day. A OnePoll study discovered that a quarter (24%) of 18 to 24 year olds are turning to social media for financial advice, with TikTok being particularly popular.
The survey discovered that the cost-of-living crisis has been a financial wake-up call for 30% of Brits, forcing them to get clued up on their finances. Paul Lloyd, director of marketing at Vanquis Bank said: “The high cost of living has stretched household budgets to the max for millions.”
The guides, given the thumbs up by Plain Numbers, break down the essentials like credit scores, persistent debt and AER.
