MSE News: Ed Balls: Financial education should be compulsory

Former_MSE_Guy · 15 December 2011 at 11:47AM

This is the discussion thread for the following MSE News Story:

"As MPs today debate making financial education a compulsory part of the school curriculum, the Shadow Chancellor says young people must be taught about money matters..."

Read the full story:
Ed Balls: Financial education should be compulsory

Equaliser123 · 15 December 2011 at 11:58AM

So why didn't Labour do something about it when they were in Government?

dazza.mk · 15 December 2011 at 12:05PM

"The law to make this happen was going through Parliament when the general election was called last year. But because the Conservatives refused to support Labour's legislation, the plans got scrapped."

It wasn't high on Labour's agenda then, else they would have dealt with the issue whilst they had a majority parliament rather than just before a general election when they knew it would be upto a new government as to whether to support the act.

Equaliser123 · 15 December 2011 at 12:19PM

dazza.mk wrote: »

"The law to make this happen was going through Parliament when the general election was called last year. But because the Conservatives refused to support Labour's legislation, the plans got scrapped."

It wasn't high on Labour's agenda then, else they would have dealt with the issue whilst they had a majority parliament rather than just before a general election when they knew it would be upto a new government as to whether to support the act.

Completely agree. Balls trying for the 'popular' vote rather than speaking from his conscience.

Totality · 15 December 2011 at 12:25PM

Will Ed Balls be returning to school for some of this financial education as well?

dazza.mk · 15 December 2011 at 12:33PM

Totality wrote: »

Will Ed Balls be returning to school for some of this financial education as well?

True, is the party that infamously left the note "There's no money left" in the Treasury for the Coalition the right party to be supporting Martin's campaign for Financial Education :rotfl:

The_One_Who · 15 December 2011 at 12:38PM

The Labour government were in power long enough to implement this, and could well have fit in with the "Education, Education, Education" agenda during the so-called boom years.

The perks of being in opposition.

Knowing how to manage money and be a savvy consumer is a vital life skill in an increasingly complex world.

MoneySavingExpert.com plays a really important role in educating and informing millions of people about how best to look after their hard-earned pennies and pounds, get a good deal and avoid being ripped off.

Knowing how to manage money, sure. But what does it mean to be a "savvy consumer"?

Avoid being ripped off? That seems to be the favourite phrase around these parts. The vast majority of the time it is not the company "ripping off" or "scamming" anyone, it is the consumer who has no idea what they've agreed to.

worldtraveller · 15 December 2011 at 2:23PM

I think that it may be more important to firstly educate our children in the basics of reading, writing & maths before we embark on a course of financial education for them. Unfortunately under the last labour government two in five children entered secondary school without a firm grasp of these basics.

jamespir · 15 December 2011 at 2:27PM

completely agree well done mister balls

WestonDave · 15 December 2011 at 2:46PM

Not only did Labour leave it to the last minute, but even then agreement might have been possible if they hadn't bundled it together with something else that the Tories wouldn't agree to (I've a feeling it was related to sex education or something). They refused to compromise on the other part so both of them failed to make it through to the last election. Given that Balls was the Education secretary overseeing this legislation at the time, I'm almost surprised he has the brass neck to jump on this band wagon now. Almost - but not really!