Compulsory Consumer Finance Education Discussion

edited 25 November 2009 at 12:14AM in Student MoneySaving
193 replies 14K views


  • I think having school banks is a really important part of this. My school used to have one when I was at school and this really made me aware of money and in particular saving. The same is true for my brother and best friend. We all hate debt and are all good savers and all had a school bank account so started saving as children.
  • These people will be able to help...
  • I have two primary age children. The best way I get to teach them about money is to give them £5 each to spend. First I take them to Toys R Us and ask them what they can get for their money. To them £5 is riches, however when they see how little it can buy in a chain store reality starts to dawn on them. I then take them to a car boot sale. Here they have to walk around and decide what they want (not necessarily the first thing they see). They have to ask the price, negotiate, hand over the money and count the change. At the end of they then check what they have got for their money in comparison to the High Street prices. My 7 year old has now become a canny shopper, saving her money, checking her change and knowing exactly what her limited funds can and cannot get her.
  • I'm sure one of the problems is that loads of youngsters don't engage in "Maths".
    I'm sure one of the reasons is because they don't see the value of much of the mathematics that is covered... Not withstanding the skills that are developed when learning mathematics, the fundementals that are of use from the subject, for the vast majority of folk, are all from the arithmetic branch.
    Most folk don't have a real world use for most branches of mathematics that aren't arithmetic... but kids don't see the difference; it's all, "maths"

    Teach arithmetic as a subject in it's own right, separate from algebra, calculus, statistics etc. Spend time getting them to master adding/dividing/percentages.

    Have arithmetic as a separate qualification, and the "pride" that exists in not being good at maths, might change. I know adults that aren't good at maths, but are good at arithmetic... they just don't realise it.


  • As a mother and a teaching asisstant in a primary school, I think it is an excellent idea to educate our children on the consequences of debt. It is frightening how easy it is today to sucumb to debt. Adults have problems with debt that potentially could have been prevented, were they educated as to the pitfalls involving loans and credit cards.
    The mother in me is concerned about the debt my children may accumulate in the future as (hopefully) young adults at university.
    My son at 18 is regularly offered credit cards and loans. In my opinion, at this age he hasn't sufficient knowledge or experience to handle the responsibility of debt.
    Education can only help decrease the number of people living with debt.
  • I aggree with many people on here with what should be taught. However i believe that how it's taught is also important, If it's not in a fun and ijnteresting way such as a short trip to the local supermarket or bank etc then you might aswell whistle in the wind as the children will get bored switch off and not learn anything.

    I am 29 and i still remember science as it was filled with practical demonstrations but ask me to say more than a couple of words of french and i am stuck.

    Hopefully it will be taught like jolly phonics as my four year old loves it and actually wants to learn and is really disappointed when he isnt given new letters to learn !!
    My Motto in Life:

    Make Every Penny Count !!!!
  • reburton wrote: »
    Just teach kids of all ages 2 things - 1 how to do mental arithmetic and 2 how to negotiate. Go round a supermarket and check out e.g. how to decide what size bottle of ketchup to buy. Not necessarily the biggest or even the buy 2 get 1 free. They will learn quickly how to look at price per 100ml but then when there is an offer you can bet it will be 2 x 275ml bottles and price is for the 2 not per 100ml etc etc
    Then do a session on how to buy a car - find out value of trade in by searching on web for similar cars, get figure for replacement car (same source) check out bargaining points, free (?) insurance, warranty etc and then negotiate.
    Both of these are life skills which young generation do not have and as a result they have grown up thinking the price asked is the price you pay. Tell story of Patel Snr who set up Patel newsagents - came here in 60's (70's?) and could not believe that shops had everything priced and that was what people paid!

    We did the car one as part of our Key Skills in ICT for pricing for insurance and the like, it was a big eye opener, but only doing it at 17/18 when a lot had brought there car by then was a waste of time. Comparisons between running a car and travelling on public transport should be made, as there are huge huge differences- travelling by cars quicker, but bus travel is cheaper due to no parking etc
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • TwinklyTwinkly Forumite
    1.8K Posts
    Perhaps if we started by simply teaching children that money and possessions do not make them any better than anyone else and will not necessarily make them happy that would solve a few problems right there. Some parents would do well to learn that too.
  • HerbymeHerbyme Forumite
    713 Posts
    Part of the Furniture 500 Posts Photogenic Name Dropper
    teach kids what the average wage is and how long you have to work to fund things they think fall out of trees...
  • karendbkarendb Forumite
    313 Posts
    tracey2412 wrote: »
    When my son asked for a £60 pair of trainers (& answered my first response that it was a lot of money & I couldn't afford with a 'no, it's not a lot of money, some pairs are over £100!) I tried to explain that money was not limitless this way (as well as testing his mental arithmetic!):
    If an average person brings home £300 (e.g.) a week for 5 days work, how much do they earn a day?
    He said £60. So, that's a whole day's work for one pair of trainers. When you also have to pay for mortgage / rent, bills, food, travel & other essentials, did he still think that £60 was not a lot of money.
    At 9 years old, he got the message.

    Now, we calculate the cost of many things by 'how many hours / days' someone (mum / dad) has to work to pay for it. And he thinks twice.

    This is absolutely spot on Tracey - it saddens me sometimes that people work their socks off week in week out to buy things like designer trainers that give them pleasure for only a very short time - they become slaves of their own making!
    I would love to be lazy but can't find the time:exclamati
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