10X Investments called on South Africa’s Department of Basic Education this week to reconsider the “potentially catastrophic proposal” to remove mathematics as a pass requirement in the education system.
“Just when you thought we needed to raise our game in terms of maths literacy, the national education department starts a consultation on lowering the standards,” the asset manager said in a statement.
The education department confirmed earlier in the week that it had started a consultation on proposed amendments to pass requirements for pupils in grades 1 to 9, which would see mathematics removed as a compulsory pass requirement.
10X – which is disrupting the asset management sector by offering simple, low cost, index tracking products as alternatives to the confusing and expensive array of choices available in what has been described as “the most profitable sector ever” – warned this proposal risked exacerbating a number of simmering crises in the country.
“South Africa already has an unemployment crisis, a pensions crisis, a growing crisis of confidence in the education system,” it said.
“Basic mathematics is an essential building block in many of the sectors that are driving the so-called Fourth Industrial Revolution. To fulfil the promise of this revolution, which is to use new technology to leapfrog many in the developed world, young people need to be given the tools essential to mastery of the technology. Without maths it is hard to imagine how this is possible,” the 10X statement continued.
“The world economy is becoming increasingly science-orientated, with less complex pursuits at risk of automation. Those countries that fall behind in maths will fall behind in global growth and global competitiveness. Those who lack maths skills immediately close the door on many future career choices.
“Besides, maths is not simply about mastering numeric skills. A maths pass is a certificate in problem solving, in logical thinking, in systematic thinking, in applied thinking, in deductive reasoning, in discipline, in application.
“These skills are not only essential for success in many careers, they are key to making good life choices. From balancing the household budget to choosing a pension provider who does not take the lion’s share of your savings, basic skills of reasoning are important.
“The future already looks bleak for thousands of graduates who are unable to find work.
“It looks bleak for the working population too. According to National Treasury only 6% of the population will have accumulated enough money to retire comfortably.
“Who will create jobs and opportunities for these young people? Who will support these old people? It is hard to imagine how having more graduates with lower competencies will help anyone.
“By improving results by merely dropping standards the Department of Education will be equipping a generation of South Africans with nothing but false hope.”
10X called on the Department of Basic Education to reconsider the proposal.
“Let’s avoid a race to the bottom,” the statement added.