Money management in schools...

debtinfo

Radiantsoul wrote: »

Banks don't want people borrowing more than they can afford and the level is likely to be around what is saving, how interest rates, etc. I think it is a good thing that companies seek to contribute something towards society and I am sure they aren't going to be brainwashing children into acquiring huge debts.

depends on their business stratagy, for example provident expect at least 1 in 3 of their customers to be unable to repay, hence the interest rate they charge, they make a profit without a full repayment.

Not saying the major banks take it to that extent, but a substantial amount of their income comes from charges and interest

alastairq

Radiantsoul wrote: »

Banks don't want people borrowing more than they can afford [their public relations departmetns don't want us to think that..the reality is, banks want us to be totally indebted to them] and the level is likely to be around what is saving, how interest rates, etc. [and every bit of information will have the corporate logo attached.....will there be mention of choice, and how to acquire choice?]I think it is a good thing that companies seek to contribute something towards society and I am sure they aren't going to be brainwashing children into acquiring huge debts.
[The evidence of the past is to the contrary.]

Commercial support for education also goes hand-in-glove with commercial influence.

We see that on a grand scale with the whole global warming thing, and the 'scientific evidence', one way or the other.....where vested interest backs research and learning, but also controls the direction that research and learning travels.

Commercially-sponsored education has the same dangers as state-sponsored education.....remember the communists?

In_a_Mess_3

Our eldest boy - just turned 10 - knows what we have been through, and it has been a huge learning curve for him, he has already vowed to never have credit cards and so on, I just hope he sticks to that!

Our youngest one who is 5 has no idea obviously, but once he is old enough to understand I plan on telling him.

I so do not want either of them to make the same mistakes as we have.

And I will not be happy if a bank goes into the school to give them advice, I do know that ds1's school advises them to open a savings account with Yorkshire Bank, this one: http://www.ybonline.co.uk/personal/savings/childrens-savings/cybersave/cybersave-personal-savings

It has a Maestro card for the over10's and when I mentioned this to him his immediate reaction was I don't want that card, you hold onto it for me Mummy! So he has learnt something I guess!

We are going to open them both accounts with their birthday/christmas money this year, as they already have savings accounts with the Dunfermline, but now we have moved I want them to have local accounts as well, the others have a nice amount in them and I want them to keep accruing the interest.

alastairq

Radiantsoul wrote: »

I am not sure Martin is really anti-bank. As a society we need banks.

Didn't say he was.....but he is definately pro-choice, which the banks wont like!..

we need banks, because the way society works now, it is the most expediant choice........in other words, as individuals, we have no choice!

alastairq

he has already vowed to never have credit cards and so on

which will make him extremely popular with the banks and financial institutions....not!

If more and more people adopt your DS's attitude towards finances [which I wholeheartedly applaud]...we can expect to see banks, etc, applying ever more extreme pressures to bring these people around to their way of thinking.

Radiantsoul

debtinfo wrote: »

depends on their business stratagy, for example provident expect at least 1 in 3 of their customers to be unable to repay, hence the interest rate they charge, they make a profit without a full repayment.

Not saying the major banks take it to that extent, but a substantial amount of their income comes from charges and interest

Well banks are commercial organisations and can make profits from;
1. charging regular customer
2. penalising defaulters
3. engaging in more investment style activities from deposit funds held.
All these options seem unpopular. But the other options are socialised banking which seems to offer limited appeal too.

Radiantsoul

alastairq wrote: »

Commercial support for education also goes hand-in-glove with commercial influence.

We see that on a grand scale with the whole global warming thing, and the 'scientific evidence', one way or the other.....where vested interest backs research and learning, but also controls the direction that research and learning travels.

Commercially-sponsored education has the same dangers as state-sponsored education.....remember the communists?

Climate change probably is real and would seem to work against the interest of the large companies that now accept it.
Someone state or commercial has to sponsor education. Probably the best thing is a mixture of sources. Of course teachers are not agents of the state, and bank employees who volunteer to go into help out at schools are unlikely to be ultra pro-bank sales people(more likely bank cashiers who fancy a few hours doing something different).

debtinfo

Radiantsoul wrote: »

Well banks are commercial organisations and can make profits from;
1. charging regular customer
2. penalising defaulters
3. engaging in more investment style activities from deposit funds held.
All these options seem unpopular. But the other options are socialised banking which seems to offer limited appeal too.

exactly, im all for free markets and companies making profits, employing people and paying taxes. What i was getting at is the point of this thread, they are trying to make a profit, the are not impartial, they are pretending to be do gooders and they should not be giving advice to children with what from your post shows must be comercial interests

Radiantsoul

debtinfo wrote: »

exactly, im all for free markets and companies making profits, employing people and paying taxes. What i was getting at is the point of this thread, they are trying to make a profit, the are not impartial, they are pretending to be do gooders and they should not be giving advice to children with what from your post shows must be comercial interests

I suspect that what will actually happen is the bank will produce some glossy factsheets, etc. They will get a few volunteers to deliver the material. But the volunteers are never going to be the banks top sales people, but rather cashiers and such like looking to do some good.
I remember when I was at school we did the Young Enterprise thing. We had "advisors" who worked for British Gas. They never tried to brainwash us, although I suppose I thought it was good of them to help out. I actually worked for BG a few years latter and they have a scheme whereby people can volunteer to spend a couple of hours a week volunteering to read to children in a local school. I believe the reason for this is simply that the company wants to work in its community.

debtinfo

surely though there must be people out there who are independent who could come in and do this sort of thing, would they led good intentioned people from walkers, cadburys and mcdonalds come in to talk about healthy eating?