"Challenging MPs to fight for financial education (video) and speed-politicking" blog

RAS

I do hope that this really gets support and am going to give my MP a prod (he's off sick at the moment).

It is a really good way to teach maths, citizenship and personal relations in schools.

Having been here several times when people reached the end of their tethers and tried to nurture them through the pain barrier so that they could take control of their debts and their lives, I think that financial education has not only to tackle the basics, like what a 29.9% APR means when you buy something like on a card, but also the essentials of budgetting and family finances and financial law. Some of that used to get taught in "Domestic Science" but no more.

Twice this week, I have had to explain to well educated and previously high earners that the bailiffs do not take everything you own if you go bankrupt. In one case, that may prevent yet another person trying to take their life (possibly two as she says she cannot continue if he succeeds). Others are devastated when they are incorrectly told they will go to prison for their minor sins.

Debt collectors chasing the wrong person for debt, bailiffs, office gossips and, sadly, the self-righteous MSE poster can catapult people into deep depression and despair, unnecessarily.

On the other side, young adults growing up in households previously dependent on benefits for some of their income are blithely unaware that mum's run in with the bailiff for unpaid council tax is at least in part their responsibility, because they have never discussed the financial implications of their leaving school/college and acheiving majority with their parent(s).

I once lost a job, at interview, because I understood debt. It was a technical post with a major provider of store cards. Asked if I had one, I explained that I did not. Why? Because I reckoned that if all the stores were so keen to give them to me, they would be making lots of money and it would cost me a lot. I preferred to have the money in my account and buy with cash. The interviewer was really taken aback. In another context, our nascent credit union struggled, because all the savers were well off and no-one wanted to borrow! Hence no profit and no dividend.

Martin, if we successfuly teach young people about debt, it will have wider implications for our economy and particularly for consumer debt-fuelled financial growth. That is not your problem, but it may well be one of the areas where micro and macro economic policies work in opposition to each other.

Allen_Dale

You are absolutely right - in theory!
But how many teachers are financially aware and educated enough to TEACH our children?
Whenever problems occur we always seem to say "They ought to teach them THAT at school."
I'm not happy that today's teachers are all that good at teaching the 3 Rs!!!!

Taffy99

Martin,

Thankyou for being the voice this nation needs.
You are an outstanding public speaker.

I hope the audience is as receptive, as they are captivated.

cruselly

Thankyou Martin - I feel so strongly about educating our children. My blood boils every time I see one of those ads on the tv for loans with those horrendous APRs - I have to switch off. But it's ok for me, I know what it stand for - our young people often don't. I have a son in his first year at uni, and a daughter about to start this September -we are doing our best to support them -no holidays for us for the last three years - husband works abroad much of the year in order to support us and ensure our children can go to uni - sacrifices that are hard but worth it. I lobbied my MP when you asked us as I feel our children HAVE to be one step ahead of these financial institutions -and treat them all with healthy cynicism!
My favourite quote is from Dickens from Mr. McAwber -"annual income £20, annual expenditure £20.06 - result -misery".
That's what our young people need to learn - and as young as possible!

Thanks again for your support on this topic.

JWF1958

Well done, Martin, keep knocking those politicians heads together!

I'm looking forward to the day children will receive financial education. Too late for my children - they've had to put up with their mother's nagging instead.

fatal1955

The Teachers TV link is dead ... please update it.:(