Former Prime Minister Rishi Sunak’s call for mandatory financial literacy education is correct in principle but flawed in its execution, according to a sharp critique from commentator Simon Jenkins. The central problem, Jenkins argues, is Sunak’s insistence that the solution lies in teaching advanced mathematics to all students until the age of 18, a move he deems both unnecessary and cruel.
Writing for www.theguardian.com on Friday, Jenkins contends that while young people desperately need to learn how to manage their money, the skills required are rooted in basic arithmetic, not abstract equations. He points out that for the vast majority, understanding percentages, interest rates, inflation, and risk is what matters. Algebra, calculus, and quadratic equations, he writes, are “for the birds – and boffins.”
The commentary comes amid growing concern over the preparedness of school leavers for the modern economy. Jenkins cites former minister Alan Milburn, who highlighted that one in seven people aged 16-24 are not in education, employment, or training.
An Outdated Focus on Exams
The core of the issue, Jenkins suggests, is an education system stuck in the past. He describes schools as being in a “monastic tradition,” detached from the world outside their walls and obsessed with examinations like GCSEs and A-levels that do little more than measure memory.
This rigid focus on academic testing has created a generation of students who may excel at recalling information but are, in Jenkins’s words, “hopelessly unready to face the world of work.” The system prioritises exam performance, leading students to rely on resources like the official JAMB, WAEC, and NECO Syllabus to pass tests, rather than acquiring practical knowledge.
So what’s the alternative? Jenkins argues for a fundamental shift in the national curriculum.
Three Pillars for a Modern Education
Instead of drilling more maths into reluctant teenagers, Jenkins proposes a curriculum built on what he calls “three pillars of utility.” These subjects would be compulsory, core components of a modern education designed to prepare students for life, not just for university.
The three pillars are:
- Health and Wellbeing: Teaching students how to look after their physical and mental health, including navigating the pressures of social media.
- Civic Responsibility: Understanding how to function as a member of a community, work in groups, respect the law, and participate in democracy.
- Financial and Work Literacy: The skills Sunak champions, focusing on practical knowledge of income, taxes, insurance, and pensions. Jenkins calls financial ignorance “the fastest route to poverty.”
These practical subjects, he insists, should not be treated as optional extras but should “tower over” the traditional academic diet of sciences and humanities. This approach would require a significant overhaul of how subjects are taught, moving beyond rote memorisation of past questions for exams like the BECE CCA for Junior WAEC.
Official Curriculum and Financial Capability
The UK government has already taken steps to include financial education in schools. According to the Department for Education, financial literacy is part of the citizenship and mathematics curriculum in England. The citizenship curriculum for secondary schools includes teaching on the functions and uses of money, income and expenditure, and credit and debt.
However, critics argue this is not enough. The Money and Pensions Service, an arm’s-length government body, has consistently highlighted gaps in young people’s financial understanding. An international survey by the OECD often shows that financial literacy levels vary widely and that many young adults struggle with core concepts. This suggests that while the subject may be on the syllabus, its delivery or emphasis may be insufficient. The debate, as framed by Jenkins, is whether the current structure can ever deliver the real-world preparedness students need, especially when the focus remains on passing traditional exams like those requiring study of BECE English past questions.
Beyond the School Gates
Sunak’s diagnosis of the problem, if not his prescription, finds agreement. Schools are producing leavers who often lack the basic skills to navigate adult life. As Jenkins notes, “Prisoners get more help in trying to find a job than do school leavers.”
The challenge for the current government is whether it will continue to tinker with a system many believe is fundamentally broken or undertake the kind of root-and-branch reform that commentators like Jenkins are demanding.
The debate over what children should learn is as old as education itself. But with a significant portion of young people struggling to find their footing after school, the question of utility has become more urgent than ever. The risk, Jenkins concludes, is that today’s politicians will one day regret what they failed to do back in 2026.