Lack of financial nous amongst young people

PasturesNew

MyLastFiver wrote: »

lol.

Who rattled your cage?

It's not like I'm stealing from pensioners is it?

Well, we've only your word for that.

ZiggyStardust_2

MyLastFiver wrote: »

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.

As someone who has taught in Secondary education I totally agree with you. I witnessed a one off lesson once which looked at earning money and paying rent etc but it was all pretty clueless and far too little too late

Lokolo

MyLastFiver wrote: »

lol.

Who rattled your cage?

I'm only having a bit of fun with Tory Boy here. It's not like I'm stealing from pensioners is it?

:D:D

lol how do you know I am a Tory Boy?

MyLastFiver

Lokolo wrote: »

lol how do you know I am a Tory Boy?

Tory Boy is a character from a TV sketch show in the mid 90s.

http://www.youtube.com/watch?v=SeLSNzEorbI

Dude, it's you!

:D

Lokolo

MyLastFiver wrote: »

Tory Boy is a character from a TV sketch show in the mid 90s.

http://www.youtube.com/watch?v=SeLSNzEorbI

Dude, it's you!

:D

LOL I'm not THAT bad!

mizzbiz

Some people like to learn the hard way. I was one of them aeons ago :-) I just thought that at some point I would have money so wouldn't be a problem. Well, of course that didn't happen as I was still at uni when it ll ran out so I got a HUGE bite on the bum which many years later is the best thing that ever happened to me. I have a degree now in personal finance as well as my 'academic' degree.

You may think I was stupid, but I had a really, really good time and didn't worry about pouring over my cash book to make sure it balanced. I just spend every day doing that now.

Whilst my contemporaries who were 'good with money' or had money from parents are now sunk in overdrafts and credit cards hungover from uni days, my only debt in the world is my mortgage and a 0% balance transfer card with nowt on it.

mizzbiz

I do wonder, however, how youngsters are meant to have any financial nous whatsoever when the majority of their parents don't have any and mew their way to any luxury they feel like.

And why they don't teach the miracle of compound interest at GCSE (well, they didn't in my day) instead of vectors and algebra which they should be conversant in by thirteen anyway.

PasturesNew

mizzbiz wrote: »

And why they don't teach the miracle of compound interest at GCSE (well, they didn't in my day)

We did compound interest at school. I can't remember at what age, I think it was 11-12. I'll see if I can google it.

Edit: It is in GCSE. You just don't remember.

I think one of the issues with maths is they will teach you how to perform the maths, but they don't then have time to really relate it to real life. So you'd concentrate on learning the formula, but not be shown a picture of a car ... and a video of somebody partying ... and a credit card ... then a bill .... then paying the minimum and what the bill still looks like 5 years later.

Just black/white numbers and formulae to be memorised.

Pobby

Compound interest. Hmmmm, not a lot of that around for the last few years.

baileysbattlebus

Pobby wrote: »

Compound interest. Hmmmm, not a lot of that around for the last few years.

I was going to disagree with you - but I realised you probably meant savings not the d word.