MSE News: Ed Balls calls for compulsory financial education



  • [Deleted User]
    [Deleted User] Forumite Posts: 0
    Mortgage-free Glee!
    2010 wrote: »
    Ed Balls, wasn`t he an economic adviser to former Prime Minister Gordon (the clown) Brown.


    david cameron was an advisor to norman lamont on black wednesday,the day the tories increased interest rates 3 thats THREE times ending up at 15%
  • 2010
    2010 Forumite Posts: 5,276
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    woodbine wrote: »
    the day the tories increased interest rates 3 thats THREE times ending up at 15%

    and that`s where they should be now and if they had been at 15% a decade ago you wouldn`t have £50k houses at todays rediculous level of £250k.
  • [Deleted User]
    [Deleted User] Forumite Posts: 0
    Mortgage-free Glee!
    historically interest rates have been above inflation rates,that they havent been for 2 years is a recipe for financial disaster
  • This would be fine if teachers were actually capable of understanding it themselves.

    Sadly, I have seen teachers successfully persuade the Financial Ombudsman Service that they did not understand that a projection on a mortgage endowment illustration that was less than the mortgage amount might mean there was not enough to repay the loan fully at the end so there was a risk of a shortfall.

    Worse, that they did not realise that the mortgage term plus their current age came to more than their retirement age.

    I do not, for a moment, argue that endowments were not missold but if teachers really cannot understand these concepts at an intellectual level above "Noddy Does His Sums" then financial education ought not to be our priority!
  • BarnacleBill_2
    BarnacleBill_2 Forumite Posts: 3
    Part of the Furniture Combo Breaker
    Pity that nobody gave Ed Balls basic financial education before he began advising the other dunderhead Gordon Brown. The very first lesson should be ' do not spend beyond your means' then maybe Labour would not have left this country's finances in such a mess
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