Debt management do you think it should start at school

fizz26

do you think we should of been taught intrest rates, how budget income, how stock and shares work etc How to save when we were all at school, i left school 19 years ago and i was never taught any of the things
If so do you think you how your finaces would stand now or is down to our parents to have showen us cos if its that case then ive learnt how to get into debt from my parents,:mad:
My nan would never of dreamed of having anything on HP, she said all was bought and paid for

staffie1

Yes definitely - personal finance should be taught in school. I also think that there is nothing necessarily wrong with having a controlled amount of debt that you can comfortable afford to repay and service properly. Things like credit cards, HP and overdrafts are not demons UNLESS you go mad with them. Credit facilities can allow you to manage your money better - but you have to know what you're doing.
Afterall, how would the majority of people be able to buy a house without a loan? By the time someone had saved to buy a house outright, they'd would be about 93! lol

HallamLad

Totally agree! I think I had one lesson on this throughout school and that was just skimming over stuff that I forgot the next day. It should be taught in maths. I've had no use for pythagoras or algebra etc since leaving. Waste of time!

staffie1

Presumably that's why all your debts are going UP instead of coming down HallamLad...?

edinburgher

I'm very torn between thinking it should be taught at school or by the parents. My gut instinct is to say that it's up to parents to discipline their kids as to money sense, but we all know that doesn't happen. If parents taught their kids everything they should be wouldn't be a nation of increasingly obese people and the ASBO never would have needed to be invented

So the schools should probably do it, but only because a lot of the parents won't.

fizz26

edinburgher wrote: »

So the schools should probably do it, but only because a lot of the parents won't.

Totally agree we had a 1 hour a week at school when it was used for changing books in the libray been able to do a group activity outside school, that was such a waist we just went to my house to smoke that hour could of been used then, when it came to mum and dad well just say red letters and not to answer the door

tjretro

I think it should be a combination of parents and school. Tackle it from both fronts before it becomes a problem, especially just before students go to uni. I know so many students who have taken on a heck of a lot of debt that is going to explode in their faces in a few years time.

HallamLad

staffie1 wrote: »

Presumably that's why all your debts are going UP instead of coming down HallamLad...?

behave! It's only month one and I haven't made any payments, payday which I thought was today is now monday so those figures will be lower then. I hope!

staffie1

HallamLad wrote: »

behave! It's only month one and I haven't made any payments, payday which I thought was today is now monday so those figures will be lower then. I hope!

Alright mate, I'll let you off - though I'll be checking to make sure you do :rotfl:

rugbymum

edinburgher wrote: »

I'm very torn between thinking it should be taught at school or by the parents. My gut instinct is to say that it's up to parents to discipline their kids as to money sense, but we all know that doesn't happen. If parents taught their kids everything they should be wouldn't be a nation of increasingly obese people and the ASBO never would have needed to be invented

So the schools should probably do it, but only because a lot of the parents won't.

How many parents actually know how to budget adequately themselves?
How many people are burying their heads in the sand or hiding the reality from their kids because they havn't got a clue how to get themselves out of the financial hole they are in?
Same thing with nutrition (won't mention ASBO's), people stopped being taught how to cook in school nearly 30 years ago. Since it stopped being complsory and changed to "Food Tech" people have started to get fat!
It's great that kids know the scientific reason why eggs cook but shouldn't they learn how to feed a family of four basic, nutrionally sound meals for £50 a week?

miss_keep_counting

I personally think both home and school.

I believe I became a saver (never been in debt) because of watching my mum struggle with money, she used to confide in her money troubles with me and I decided at 16 with my first bank account that saving = no stress. And then after my parents split and I was homeless at 17, savings = security.

The good thing about that home learning was I now have some decent savings, but had it been supplimented with school learning I think I'd find I had a more balanced, healthy view of it now rather then in fact be stressed out when I spend and don't save!