MSE News: Financial education to be compulsory in schools

codo

Great news, well done to all who made it happen :-)

time2save

Whilst I'm happy to hear this and well done Martin, most of this was prevously covered under PHSE but we will see what the new details look like in time.

Also as Martin has previously said Academies, Free Schools et al


time2save

innovate

Who is going to teach, and assess, the teachers in time for 2014?

Dunroamin

innovate wrote: »

Who is going to teach, and assess, the teachers in time for 2014?

Let's face it, it's hardly on a par with having them mug up on nuclear physics, is it?

TurnUpForTheBooks_2

Dunroamin wrote: »

Let's face it, it's hardly on a par with having them mug up on nuclear physics, is it?

Are you yourself capable of creating a single sheet Excel spreadsheet that answers some of the what if questions in relation to how much money will be owed to SFE upon graduation, Dunroamin? Or are you happy that mere lipservice is paid to the true implications of doing this right?

If you are so capable, then could you please answer my question in another thread about the interest rates applying to this years loans and the effect on interest of the fee waivers being offered at this time.

I'd like to be able to financially educate two or three kids who have better maths than both of us but haven't been given the answers yet to those basic questions.

Strangely I think they've already had to commit - hope they have started marking all their submissions with a "D"

Thanks.

Dunroamin

TurnUpForTheBooks wrote: »

Are you yourself capable of creating a single sheet Excel spreadsheet that answers some of the what if questions in relation to how much money will be owed to SFE upon graduation, Dunroamin? Or are you happy that mere lipservice is paid to the true implications of doing this right?

If you are so capable, then could you please answer my question in another thread about the interest rates applying to this years loans and the effect on interest of the fee waivers being offered at this time.

I'd like to be able to financially educate two or three kids who have better maths than both of us but haven't been given the answers yet to those basic questions.

Strangely I think they've already had to commit - hope they have started marking all their submissions with a "D"

Thanks.

Do stick to your own threads rather than muddling around on other people's, particularly when you're getting confused as to who you're having arguments with.

TurnUpForTheBooks_2

You don't like me having opinions on major issues that differ from your status quo view, I think?

You hang around the Student forums and I have well-noted the cut of your gib so am wondering Dunroamin exactly what or who your particular interests might serve?

I may have muddled views on many topics (are you surprised?). I think most visitors to the student forum are probably in a muddle with the various topics to be discussed here. There is so much naysaying and so much "Keep Calm and Carry On" that the usefulness of the Student Money Saving forum is in grave doubt. You even directed a student to the university welfare/counselling service as opposed to the CAB on one topic involving a financially needy student. One wonders what he would get there bearing in mind that unless the student is disabled, the welfare service at the university is unlikely to have any money to hand out, just words like yours about coping strategies.

This thread is about financial education for students and I wish to financially educate some students so they know how their SFE loans stack up.

As far as I can see you and all the other regulars with the best knowledge are refusing to make it clear even what the current levels of interest are for 2012 starters let alone the dates at which those interest rates are applied to the loan advance instalments.

Taiko gave the old scheme rates the other day which are of course of no use whatever to recent starters.

As I have said, you seem to be Taiko's shadow when he makes himself scarce so I am asking you please - I have some students to educate financially. One of them will be borrowing no less than £54,000 and with quite modest predictions of 2014 onward RPI increases + 3% my spreadsheet says that will have grown to £75,000 before graduation. Even if RPI next year was back at 3.3% and stayed there (and pigs might fly), the amount outstanding in this case would still be £65,000. That's after a £1,500 a year fee waiver of course! Both numbers are bigger than my mortgage on my house.

Is RPI + 3% the rate that will apply immediately those loan advances are made for freshers starting this week or next? Or is it just RPI? I read something the other day that suggested there were 3 interest rate bands viz RPI only, RPI + something up to 3% and then RPI + a full 3% for high graduate earners? I think I read that the RPI only one applies to those who don't reach £21,000 pa post graduation.

Do you know more about this please?

Maybe my spreadsheet shouldn't include any +3% scenario until post graduation?

I am sure you'd hate for me to be passing on a bum steer!

PasturesNew

On the basis that most people in school did French for a minimum of 3 years and probably still couldn't ask where the nearest loo is, nor understand directions to the nearest hotel/police station/wherever ..... it'll roll like water off a duck's back for most - and cause some other subject to be truncated to make space for it.

Nice idea; wrong delivery.

Unless you make a compulsory pass essential for any Uni/college course and any receiving any benefits .... thus ensuring it's important for most to not lark about.

TurnUpForTheBooks_2

PasturesNew wrote: »

On the basis that most people in school did French for a minimum of 3 years and probably still couldn't ask where the nearest loo is, nor understand directions to the nearest hotel/police station/wherever .....

Yes a sad reflection of the standard of teaching of that subject. My French classes between the ages of 11-14 were totally excellent (many of us got top grade GCSEs after just 3 years teaching - same with Maths) - now there's an interesting angle for this thread - why aren't kids fluent in all the math they need to work out simple compound interest by the time they are aged 14 let alone 18?

Unless you make a compulsory pass essential for any Uni/college course and any receiving any benefits ....

Yes I like that idea, thus ensuring it's important for most schools not to muck about with our children's futures. We wouldn't need league tables then would we? Didn't pass the financial education test so couldn't go to uni? So what kind of basic education in core subjects like Maths did your school give you anyway? What kind of school is it that can't teach an undergraduate how their student loan is going to stack up?

We perhaps wouldn't need Ofsted either except for bucking up the failing schools - oh sorry - more of them than we thought? Oh dear

katie1812

Tis is fab news. My friends and I were saying the other day how when we were at school we had no education on the things we would need in later life, like mortgages, bills, banking, pensions etc. when it came to buying a house and getting a credit card I had absolutely no idea what it contained and how I had to go about getting one.