Basic maths enough for South Africans to count their change, says finance guru

Financial services expert Craig Kiggen has warned against the dangers of conflating maths skills and financial literacy.

This comes amid debate over the The Department of Education's proposal to remove mathematics as a compulsory promotion requirement of high school students.

Read: Education Department considers dropping Maths as a compulsory subject

According to Kiggen, basic mathematics is enough to enable South Africans to count up their money and complete basic transactions.

There's no doubt the minute you take away someone's that it's going top have an impact on their understanding of complex financial transactions.

Craig Kiggen, Regional Head of Citadel Wealth Management

But a basic level of mathematics will allow most of our population to be able to understand how a till slip works.

Craig Kiggen, Regional Head of Citadel Wealth Management

However, he explains that the proposed changes will have a threatening impact on the understanding of complex financial transactions such as compound interest.

Also read: Removing maths as a compulsory subject is a huge risk - Mathematician

Kiggen says that access to technology and information online may also compensate for the changes in the basic education curriculum.

He explains that some people who lack complex mathematical literacy are vulnerable to exploitation.

Take a listen to his views:

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