'Should Financial Education Be Taught In Schools?' poll discussion

PasturesNew

I'd ask how many people could answer this question in fluent French. As everybody's taught French at school, several lessons a week, for at least three years before they can give it up, you'd have thought everybody in the UK was fluent in French. We're not..... so I fail to see what effect a few financial lessons would have.

It'd just be another pile of money down the drain and schools having to fit something else in.

jexygirl

Pastures in all fairness, you are taught french for 3 years till you can give it up. unless you choose to travel / be a translator / are talented at languages!etc. it wont be of use. (I am trying to learn dutch atm at the age of 37 and think we are quite ignorant as english in that languages are not encouraged as everyone speaks ours, and therefore our brains are not as trained as our eurropean counterparts who are forced to learn our language from an early age in order to get on - but its another thread) money savvy always will be a useful skill whatever nationality, the ability to work it out is great. Another example - a young 21 year old boyfriend, of a long term member of staff, "needed" a new car. We wont go into the discussion of the "need" in view of the fact they are saving for a house etc. However, as "bad cop" I asked him what the payments were and for how long. He felt he had a good deal at 8k for a car, until it turned out that he was paying £191 a month for 5 years, accruing almost an 11k car... "the salesman said" was what I got as a reply, and i simply said work it out, i also pointed out for him to read the small print as he has been told all sorts of things regarding the terms but at 21 like us all, just likes the car. The terms suck, he is ok if in a year or 2 he sells - TO THEM AND TAKES MORE FINANCE! they make it sound so good, they went to collect said car at 11 as promised and ended up getting it aty 4pm as the salesman thought he was joking at wanting mats and hadnt sorted it. They were treated like fools - the place had their money and I would have walked away, but they have no experience and waited. Its end of month, people have targets, this was the first "advice" they had ever had. A car isnt a great example, but if education in school prevents just one getting into serious debt, or like sex education prevents one unwanted or naive (escape) pregnancy, then it works for me, on whatever level.

Old_Wrinkly

Will they teach the same "personal finance education" at Eton as they will at comprehensive schools serving council estates?

Ginger_Prince

Money is an essential skill in the 21st century and particularly plastic money. Credit cards are therefore an easy way to operate but people do not grasp the basic business principle behind the credit card and how they make their money from the APR. Best example of this is Courts Furniture stores in the UK did "buy sofa now pay nothing til 6 months time" deals, then they make the money out of loaning you the cash to get the sofa. However in the Caribbean, Courts is just a straight loan business (they don't hide it behind a sofa deal).
GP

GreenQueen

I was torn between a and b, eventually voted a. yes, parents do have a responsibility as well, but there must be a large number of parents whose own financial knowledge is fairly sketchy - if finance is taught in school, children may even be able to share that knowledge with financially less-able parents.

It's a similar argument to whether children should be taught about healthy eating - it has been shown that if it's left to parents, not all children will be given the appropriate information.

GQ

topgranny

I voted 'a' because loads of parents (though by no means all, of course) have no idea about this subject themselves.

However, if you did a poll on whether sex education should be taught by schools, I would definitely vote 'c'. The ever-rising number of teenage pregnancies shows this tactic is just not working!

8ofspades

I voted A.
I think parents should have responsibility also, but I don't think it will stop parents who would've taught their kids about finances anyway from doing so - it will just give those kids a broader range of knowledge but also teach the kids who may not have gotten anything from their parents.

Of course it depends how it's all done.. If it clarifies the terms used and the common misconceptions that banks and credit companies use to their advantages it will perhaps lower the rate of people falling for ridiculous deals.

I personally would've liked to have been taught the basics in school. It's not that my parents didn't, I just think being taught it in a school-atmosphere (where you'd perhaps be tested/asked questions/have homework) would've made me pay more attention.

It's knowledge they will probably use on a daily basis one day, I don't think it can really be compared to being taught French.

rinoa778

B. It’s important, but parents must share the responsibility too

My parents are hard working, live within their means and don't "flash their cash". I learnt that money is hard to come by and the important things in life is comfort and safety. Once these criteria are fulfilled, you are able to enjoy your money.
I didn't get any financial education at school but from my parents, they taught me to keep my money safe (in the bank, in my wallet, not lying around) and to not waste it. From these foundations, I taught myself about credit cards. They weren't too happy when I told them but I insisted I was sensible and was paying it off fully once a month. They had associated cc with debt and I had to educate them that it is convenient if used correctly.
I think what is wrong in this society is that people don't earn their rewards. They borrow money for the wrong reasons, for greed rather than need. We are being encouraged to 'keep up with the Joneses'. You do not have to aspire to this life, you can live to your own expectations.

Never beg, never steal but justify borrowing.

kindofagilr

jexygirl wrote: »

my parents taught me the value of money, I worked from aged 11 with a paper round (it was ok then!) and every year had a "summer job" which showed me rewards and paying my way. .
Jex

I dont think thats what the poll means, my mother taught me the value of money, but I didnt know about APR's, credit cards, loans etc, which is what I am hoping they will be teaching in school

JDPower

I was gonna ask exactly what result do you expect from a poll like that, especially on this site (did you really expect people to say it's terrible and shouldn't be allowed?). But THEN I see 90 people have voted that way!!!

How anyone can think this is a bad move just completely baffles me.