Westpac says: one third of Aussie kids and adults have ‘Maths Anxiety’
According to a recent study by Westpac, one third of Aussie kids and adults get a little shaky when it comes to maths.
Westpac’s 2017 Numeracy Study revealed that 34% of children and 31% of adults experience ‘Maths Anxiety’, while 24% of Aussie kids felt that they weren’t smart enough to do maths.
The survey also suggested that Aussie parents who experience fear and nervousness with maths are unintentionally passing these feelings onto their children, which Westpac’s Head of Youth and millennial markets, Ashley Gray says is “concerning”.
“With many of the fastest growing jobs of the future requiring STEM skills, this anxiety and difficulty with maths could lead to issues with employment and job security for the next generation,” Gray said.
With National Literacy and Numeracy Week starting today, it’s a great opportunity for parents to encourage their kids to use their maths skills and to start healthy savings and financial habits. Check out our tips down below on how you can teach your kids the value of saving:
Mozo's tips for starting good money habits:
Price comparison - The biggest thing a child can learn about money is the importance of shopping around to always get the best price. If your child has recently asked for a new toy, take them into different toy stores and show them the price difference on the same item.
Help them establish a goal - Kids are passionate creatures and what better way to keep them passionate about their savings by establishing small and achievable financial goals. Mozo’s Savings Goal Calculator does all the work for you and can help show kids how important it is to stay on track.
Give a reward for good behaviour - The biggest motivator children respond to are rewards when it comes to their behaviour. By adding a regular parental contribution, they’ll remain encouraged and motivated to continue to save.
Explain the difference between need and want - Take your child shopping and wait for them to find something of interest, then explain the difference between needs and wants and the importance of thinking before spending. Not only will this encourage your child to save instead splurge, it’ll also prevent future impulse purchases.
Thinking of teaching your child the value of money with a bank account? Check out the latest children bank account offers today.