MSE News: Government responds to compulsory financial education petition

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This is the discussion thread for the following MSE News Story:

"It wants money lessons but won't commit to compulsory teaching, in what's been described as "political waffle" ..."
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  • neas
    neas Posts: 3,801 Forumite
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    I think calling it waffle is a little rude to be honest. Not to go against the grain. We reached 100k signatures, well done it will be debated and then if a good idea will be done.

    Otherwise any viral campaign could get things through, doesn't gurantee it becomes formal just getting to 100k. Sorry to be negative but sometimes Martin comes out with the funniest of statements :)
  • N.I.M
    N.I.M Posts: 2,248 Forumite
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    Hate to say it but 100,000 people called for a debate on the EU and while it got a debate the vote showed no real political will to listen to the people (for the record I'm neither Euro skeptic nor supporter) but there really seems to be an appetite for a vote on where people stand on this european beast which is so changed from what they signed up for.

    I'll be shocked if this, or any other 100,000 person petition gets anything changed.
    This was 6 months out of date so I've changed it.
    :j:j:j:j
  • callum9999
    callum9999 Posts: 4,393 Forumite
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    N.I.M wrote: »
    Hate to say it but 100,000 people called for a debate on the EU and while it got a debate the vote showed no real political will to listen to the people (for the record I'm neither Euro skeptic nor supporter) but there really seems to be an appetite for a vote on where people stand on this european beast which is so changed from what they signed up for.

    I'll be shocked if this, or any other 100,000 person petition gets anything changed.

    The trouble is, at the end of the day, most people are incompetent in running a country. Hence why demonstrations, petitions etc. on big matters (like the EU) are generally ignored.

    This petition is for a small change though - so they should be more receptive to it. Even though I'm not convinced financial education will do much (the people who want to know either do or will find out independently - the people who don't won't pay attention, on the whole), it's a step in the right direction.
  • atypical
    atypical Posts: 1,342 Forumite
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    neas wrote: »
    I think calling it waffle is a little rude to be honest.
    I don't think it's rude to call if 'waffle'. The OED definition is "lengthy but vague or trivial talk or writing". I think that's a good description of the Government response.

    The first paragraph is simply to fill space. They are statements no one will disagree with.

    The remaining paragraph talks about PSHE which is irrelevant to the petition: "Make financial education a compulsory part of the school curriculum".
  • SewerSide
    SewerSide Posts: 125 Forumite
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    Government responds to compulsory financial education petition

    - No, says Government.
  • bexster1975
    bexster1975 Posts: 1,576 Forumite
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    I'm sorry, but to call it other than waffle is simply inaccurate. No surprise there, 90% of MPs waffle about 90% of the time!

    It is also important to consider that it is not really in the Governments economic interests to have a well-educated and financially literate population. Banks profit, in the main, by peoples poor financial decision making (extreme circumstances and mortgages excepting). No banks profits, no tax to Government.
  • bigbloke45
    bigbloke45 Posts: 2,342 Forumite
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    I've spent a lifetime working in financial services, the last 20 odd years dealing with pensions/schemes. Most people I have met have not been very interested in saving for retirement and those who were showed a shocking lack of knowledge. The scary thing being that, apart from the value of your home, the only asset that should be paid most attention to is the value of your pension fund. If you don't own a home then your pension fund value and how you build it up is the MOST important exercise you can do plus insuring your life in case the grim reaper comes along before your pension planning is completed!

    Understanding all of the other financial things of life is also very important; banking, loans, credit cards, life assurance etc. Does this government not understand that an educated electorate could save them a fortune in social service costs?

    But, sadly, I don't think that it should be left to teachers on their own, in case they put the wrong spin on things. I would hate to think that kids are being educated about finances by some left wing anti-bank, anti-capitalist who just wants to peddle their own agenda under the guise of financial education.
  • Dorastar
    Dorastar Posts: 2,173 Forumite
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    At the moment though we have children who see money coming out of a hole in the wall with no consequences, cards that allow you to get anything, anytime, anywhere. My own children know that we plan menus, save up for things and have long term financial plans whereas most of the children I work with think I am poor because I only have one tv yet I know for a fact many of them have little to eat at home.

    Yes financial education about pensions, credit, mortgages etc but we have much more of the basics to cover first, and not just with the children.

    Am not sure if that makes me a loony left-wing teacher, but tbh the only people who have come into school voluntarily to 'talk' about money have all come in with bank goodies to give away - children are so easily bribed with balloons and pens, so I know who I'd prefer to be doing the talking.
    Mortgage £128,626 going down slowly
  • hermante
    hermante Posts: 575 Forumite
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    callum9999 wrote: »
    The trouble is, at the end of the day, most people are incompetent in running a country. Hence why demonstrations, petitions etc. on big matters (like the EU) are generally ignored.

    I hope you meant to include the current and previous governments in the "most people". I'm sure Gaddafi thought he ran Libya pretty well, and most of the people celebrating on the streets would be incompetent too...
  • geoffky
    geoffky Posts: 6,835 Forumite
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    rude to call it waffle!!!!! i would of called it a load of vested interest crap...They will not want to upset the paymasters who have them all in their pockets..lords of the universe my !!!.. bankers and politicians are of the same ilk...
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
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