INTERESTING EXPERIMENT... try it, scare yourself!

Murtle

It's not the learning of finance, as we are all taught math. However, it's the want want want, and throw away environment that means we buy buy buy and then get into debt. How many people shop for "fun"? I personally hate shopping and only do the essentials. If a credit card company extends my limit, I request it to be lowered, I don't want to be responsible for a piece of plastic in my wallet that someone could spend loads on if I happened to loose it.

Get rid of the cards!!!!!

jesster_2

Lois_Lane wrote:

I disagree that nobody gets taught personal finance - I learned about managing money from my Dad, but things are different now to the way they were in his day so I've also learnt from other sources such as this website.

I taught both my children the importance of budgeting and saving and in my opinion it shouldn't be the responsibility of schools to do it - too many parents think their children are going to be taught all the life skills they need in school, when they have a role to play as well.

I completely agree, and in an ideal world all parents would have the knowledge and inclination to teach their kids. But the problem is that a lot of parents - for whatever reason - don't understand about enough about managing money, credit and so on themselves: there's enough evidence of it on these boards!

My local CAB advisor has had a daughter, mother and grandmother in his office at the same time, needing help with their debt problems. In some families the cycle will just be perpetuated. My argument is that school is the best place - arguably the only place - that you can capture people in one place to give them the basic life skills. And that's the best way to break the cycle that a lot of families find themselves in.

It's about empowering youngsters, whatever their backgrounds and however knowledgeable or otherwise their parents are, so that hopefully they won't make the same mistakes. And then, ideally, they in turn will teach their kids.

michaels

I hope you realise that if you acheive a financially literate population you will have also shot the golden goose which allows savvy money savers to beat the market - eg how would banks be able to finance stoozing, sub base mortgages and the like without some punters being ripped off with 29.9% aprs and late payment fees?

jesster_2

ooh you are a meanie-pie!

Would I be prepared to give up some of the perks we get for being in the know, and swap it for the greater good of a better educated and informed population.... I think I would.

Am I just a woolly-lefty?