MSE News: Compulsory financial education plans axed

Lu_T

Let me get this right, the nation is facing the biggest financial crisis in a number of generations and we're going to allow the next generation to enter the world of adulthood without proper, structured education about their finances?

What was it that caused the problem again? Oh yes, irresponsible lending - caused by people irresponsibly borrowing. Of course, the answer is leave children without the right information to make good choices when their turn comes. :wall:

pure_dead_dopey

There has been something like this in the curriculem in Scotland for some time, however a recent development is a representative from RBS going into schools as a lay person to teach financial awareness. My children are up and away but I don't feel that RBS are suitable people to teach anyone financial responsibility, given their recent record. And I think they would also be fishing for future customers, madness

Silverbird

I was so saddened to hear this news.

It is clear by the state this country has gotten itself into recently that a large majority of people at present have gotten into financial difficulties. If these people are in financial difficulties, how are they supposed to educate their children on the importance of budgeting, saving, investments, credit card small print, how loans work etc etc? Not only that, but how many kids truly listen to what their parents tell them?

I honestly do believe that if we had been taught about finance at schools as part of the curriculum then myself and my partner would both have been debt-free by now or perhaps may even never have gotten into the trouble in the first place.

The sooner this is made compulsory education the better.

ZTD

I find it rather strange that people consider this important. It would have been neither effective nor accurate - just like too much of the education system.

The only thing that should be taught in school is compound interest. I was taught that, and I'd be surprised if it took more than an hour - including the test. The rest of the "lessons" of debt are entirely a matter of personal opinion.

Some people are obviously under the impression that the State will teach children not to get into debt, and that the children will obey like good little Subjects. Of course they will. The State teaches us that sex causes nasty diseases, and that alcohol causes drunkeness which is why not one of us either drink or fornicate.

Other people believe with all their little cotton socks that the State will teach the "truth" about finances, and will not use the opportunity to indoctrinate the kiddie-winks with their own private needs: "Buy gilts, it's really good for you and we're doing you a favour and we're not absolutely gagging for money." These people must be right, as every revolution in history came about from State-sponsored education informing people of how bad the current system was.

One of the comments about the State teaching the truth about inflation, is probably the ultimate in wishful thinking. Despite inflation being "everywhere and always a monetary phenomenon" - the State much prefers the "magic inflation ray" theory, turned on by "speculators" and "greedy businessmen" and <insert scapegoat of the week here>.

The State perpetuates what is going on right now and always has done. How many people did Domestic Science because they were female, and Woodwork/Metalwork because they were male? I'd hope it was different now - but only about 30 years late to the party.

Compulsory finance lessons are only going to perpetuate the "it's good to get in debt, buy a house you can't afford, raise 2.4 children and die before you have the audacity to draw a pension" idea...

saveralot

I really think its essential to give good financial advise to young kids. I wish I had this when I was in school.