Lack of financial nous amongst young people

MyLastFiver

As a teacher, I keep in touch with some of my ex students on Facebook. One of these, a very bright girl, has just started university. Yesterday her Facebook status read something like "******** opened an account with Natwest and they've given me £500!!"

I replied with something along the lines of "An elementary mistake.Natwest does not give anyone £500. They conjure this value into your account by way of an overdraft, you spend it on beer, then you owe *them* £500."

She replied "Thanks sir, I knew there had to be a catch." This reply shows that she didn't really understand what I was trying to explain.

Anyway, today her Facebook status reads "******* is going shopping and for lunch with her overdraft!"

Sigh. It's not her fault. She has spent all her life at school and she has never had a single lesson in managing finances.

I suspect the lack of finance and economics on the curriculum is deliberate.

System

When I got a natwest student account it read £200 in credit the day it opened.

Edit: Long time ago mind

MyLastFiver

Yes - I did check the Natwest site to see if they are, indeed, giving students £500, but they're not. They're giving them a £500 overdraft.

Back in the day, I seem to remember opening a student account with HSBC and getting a voucher for CDs, or something equally patronising.

ess0two

Just started uni,thicket comes to mind with the girl.

Lokolo

People can choose what to learn, if she doesn't want to learn about personal finance its her fault.

PasturesNew

She might spend £500 on clothes, but with the right strappy stillettos and figure hugging outfits she can eat/drink free for the rest of the term.


It's called capitalising your assets.

I think she knows more than you think.

Lokolo

PasturesNew wrote: »

She might spend £500 on clothes, but with the right strappy stillettos and figure hugging outfits she can eat/drink free for the rest of the term.


It's called capitalising your assets.

I think she knows more than you think.

Those women are the reason I can't save as much as I could.

PasturesNew

For the record: I've never had a stranger offer me a drink, nor taken out for a meal. Never been paid for, always paid my way.

And look where it's got me!

I think she's onto something.

MyLastFiver

Lokolo wrote: »

People can choose what to learn, if she doesn't want to learn about personal finance its her fault.

Sorry yes. She should have gone to Imaginary High School, where they teach the Imaginary National Curriculum, then she could have opted for the Imaginary GCSE in Personal Finance.

Lokolo

MyLastFiver wrote: »

Sorry yes. She should have gone to Imaginary High School, where they teach the Imaginary National Curriculum, then she could have opted for the Imaginary GCSE in Personal Finance.

Thats a pathetic reponse to be quite honest.

I am 20 and know a lot about investments, savings, debts and all sorts.

I learnt nothing of this through the educational system.

I chose to learn it so I could better myself and my financial situation.

You can't get everything in life to taught to you in life through school.

lostinrates

Lokolo wrote: »

Those women are the reason I can't save as much as I could.

:beer:
On behalf of many of us, I thank you. Its men like you that enabled me to go out lots and still save.