why don't we get taught this at school?

Lokolo

McKneff wrote: »

I agree totally 100% with what princess2010 says.
Kids dont want to learn from their parents about money management.

They should be taught life lessons at school.
Insurance, tax, I have lost count of the so called graduates on these boards who dont understand the basics about PAYE or NI
Dont know what their tax code means. Have no idea about deposit schemes or itineries when they are renting accommodation.
Intelligent people who when it comes down to the nitty gritty of life, havent got a bliddy clue.

Yes, I agree totally.

Ha! Yes! So true

I like learning from here and googling

dawyldthing

I remember we had someone from Natwest come in to ask us if we wanted to open accounts and bribed us with lovely free gifts, then asked us what APR was - the look on some faces were like she had just swore at us, I knew bits of it but not everything. I think it should be taught as past of PSHE as it is part of life. Martin was trying to campaign for it, but with the election and the new government it, like many other things, have gone right out of the window. I personally think it is a shame!

ERICS_MUM

McKneff wrote: »

I agree totally 100% with what princess2010 says.
Kids dont want to learn from their parents about money management.........

well tough. That's part of a parent's role in bringing up their children. We all have to do things we don't like, or don't do things we would like, that's called life. Kids should (and most do) learn this from being a baby.

I object to public money being used to teach people the fundamentals of managing life and taking responsibility for themselves.

seven-day-weekend

Mikeyorks wrote: »

Have parents completely given up then?

Quite. My mum taught me. And I have taught my son.

As for learning it in school, great idea, but which National Curriculum subject do you suggest we get rid of and which teacher would be qualified to teach it?

moneypenny2k

princess2010 wrote: »

ok, call me stupid i don't care. But i am truly astounded at how hard it is to learn how to take care of yourself.

You go to school until 18, then university until you are 23 and then boom. you are out in the big wide world.

Direct Debits, Council Tax, Income Tax, VAT, etc. BILLS BILLS BILLS.

No one at school ever taught you how to sit down and budget these things out, and before you know it your outgoings are higher than your income and you don't know what to do.

i had to learn it the hard way, going into the red. It was totally irresponsible of me i know, but it wasn't like i had spent it on shoes or anything.

day to day living and surviving, working a 9 to 5 to just barely keep my head above water wasn't what i had imagined when i was younger!

luckily i had a good friend who was well experienced and sat down with me and really helped me to put some financial planning into my life!

before i knew it i was out of debt, and through simple budgeting everything got paid off!


now........ is it just me, or does anyone else think that there should be actual life skills taught at school?????

how to set up a bank account, tax a car. i know it seems stupid, but if they can teach you how to not get pregnant, surely they can teach you this too.

Actually they are now. It's a compulsory part of the national curriculum. I've been teaching financial literacy for the past 10 years, brought it in way before it had to be taught. Kids have always responded to it positively. Pitched at their level it's relevant to them.

Having said all that there is a huge variation in what is taught. That's why the govt set up the personal finance education group to advise teachers and provide resources. http://www.pfeg.org/

There is also a resource for younger children http://www.saveabitspendabit.co.uk/

Hope this helps somebody.

Doom_and_Gloom

Sorry but schools shouldn't be the ones to teach children this; parents should be!

I was given pocket money as a child. I was advised by my parents to save some of it for later in a bank account. What I didn't save I could spend as I wished. They got me as involved with it as possible by taking me to the bank to deposit money into my account and even explained about interest etc. As I got older I started saving more than I spent - what I did spend I made sure I spent it wisely. This helped me alot when I left home just before I turned 17.

The big thing is giving a child pocket money that they have to spend on certain things and/or save but never given them more unless they earn more by doing jobs around the house etc. I was never given more than the agreed amount unless I did something to deserve the extra. If children realise that they can get more money off of a parent even when they have spent it all they will never learn about money and budgeting.

Education shouldn't just happen in schools. Parents should be bringing up their children to look after themselves for when they no longer live at home. That's what has happened for generations so why do so many parents now think that schools should basically raise their children for them?

huw01

Only my honest opinion but it's all about growing up and taking responsibility. Those who go straight to the workplace at 16 or 18 manage their money better than those who go to uni as they have to grow up and take responsibility.

They will earn their own money and therefore know the value of it. Students on the other hand can defer responsbility for three years before growing up.They've both had the same education.

It shouldn't be up to schools to teach this it's about parenting. However I do think that banks have a responsibility to make saving a habit for teenagers by offering products that attract them to open and account and save. I had a griffin savers account with the then Midland Bank. Everybody in school had one as everybody wanted the sports bag.

Sorry but I cannot agree with the original poster. Everybody has to grow up and take responsibilty.

Techhead_2

ERICS_MUM wrote: »

well tough. That's part of a parent's role in bringing up their children. We all have to do things we don't like, or don't do things we would like, that's called life. Kids should (and most do) learn this from being a baby.

I object to public money being used to teach people the fundamentals of managing life and taking responsibility for themselves.

I agree with this completely. Too many parents nowadays think that being a good parent is about giving in to kids.

You then end up with spoilt young adults who know nothing about looking after themselves.

pmduk

Many, not all, of today's parents can't look after themselves, let alone teach their kids. Surely it's better to spend some public money ensuring that youngsters are taught this subject properly.

I remember at the age of 15, having major difficulties finding out how the tax & NI system worked. (this was pre-internet days). It was only a teacher giving up a few lunch hours to explain to those of us who were interested, that meant I started working life with some clue who was taking all my money!

seven-day-weekend

pmduk wrote: »

Many, not all, of today's parents can't look after themselves, let alone teach their kids. Surely it's better to spend some public money ensuring that youngsters are taught this subject properly.

I remember at the age of 15, having major difficulties finding out how the tax & NI system worked. (this was pre-internet days). It was only a teacher giving up a few lunch hours to explain to those of us who were interested, that meant I started working life with some clue who was taking all my money!

I'm glad that teacher gave up his/her time; however, couldn't your parents have told you?