Looking for a CC? Try your bank like I did!

PeacefulWaters

greenorange wrote: »

What about understanding budgeting

They do adding up and taking away.

ISAs, credit cards, loans, overdrafts

They do reading. There are numerous resources that can be read on these subjects. It doesn't need to be done in a classroom.

what are interest rates

They teach that in mathematics already.

how mortgages work, the difference between a debit card and credit card, what are cheques, standing orders, direct debits, taxes - just to name a few.

Again, there are numerous reading materials available on all these things when an individual needs them. The school should teach the individual to read. The individual can then choose to empower themselves by utilising the skill when needed.

greenorange wrote: »

I believe all of this should be taught in schools.

Instead of what?

greenorange

PeacefulWaters wrote: »

Instead of what?

MFL
Drama
Incorporate it with PSHE (if schools still have that)
Add it as an extra unit within maths.

There's many possibilities.

PeacefulWaters wrote: »

They do adding up and taking away.

There is much more to budgeting than adding and subtracting.

PeacefulWaters wrote: »

They do reading. There are numerous resources that can be read on these subjects. It doesn't need to be done in a classroom.

If that's the case, what's the point in kids going to school at all. Why not just have them read 5 books a day and get rid of classrooms?

PeacefulWaters wrote: »

They teach that in mathematics already.

I was never taught interest rates. But none-the-less, I doubt they discuss interest rates in details. There's more than just 20% a year.

PeacefulWaters wrote: »

Again, there are numerous reading materials available on all these things when an individual needs them. The school should teach the individual to read. The individual can then choose to empower themselves by utilising the skill when needed.

Again, why not just get rid of classrooms completely and give kids books to read all day. Realistically, children are much more likely to engage and learn within a classroom environment than being told to read a book within their own time.

ricky_v

iAMaLONDONER wrote: »

I went into a Santander branch to pay in a cheque- for the grand sum of £0.02 from closing down of a savings account after I had already withdrawn the balance if you're interested!

I have the 123 Current account and the cashier noticed that I was reading the a booklet on the 123CC and asked me if I was interested in applying. I said yes, reluctantly as I had applied for 2 CCs yesterday-albeit successfully! I saw an branch banker who did the application and I was pleasantly surprised when I was accepted with a limit of £3,200!

The fact that I have a balance of nearly £7k in my 123 account & pay in around £5k in the hope of been invited to Santander Select probably helped lol!

I've had CCs before though!

I remember my application for my first credit card. I was 19, never had credit before (only a bank account with no overdraft), was on £11k a year, was about 7 months into the credit crunch, and my bank was just taken into majority government ownership.

"Well I can see that you're not daft with your account Mr V, that's why you've been approved with a limit of £2,450."

So definitely approach your own bank first!

iAMaLONDONER

ricky_v wrote: »

I remember my application for my first credit card. I was 19, never had credit before (only a bank account with no overdraft), was on £11k a year, was about 7 months into the credit crunch, and my bank was just taken into majority government ownership.

"Well I can see that you're not daft with your account Mr V, that's why you've been approved with a limit of £2,450."

So definitely approach your own bank first!

You're not much older than me if that happened in 2007/2008!

Did you use your CC wisely?

CKhalvashi

greenorange wrote: »

MFL

I wouldn't do that one, but probably would everything else you mentioned, although I use both German and Italian (plus the other two languages I learned before moving to the UK) for more than ordering a drink at the bar.

Again, why not just get rid of classrooms completely and give kids books to read all day. Realistically, children are much more likely to engage and learn within a classroom environment than being told to read a book within their own time.

Children will typically learn better in a classroom.

ricky_v wrote: »

I remember my application for my first credit card. I was 19, never had credit before (only a bank account with no overdraft), was on £11k a year, was about 7 months into the credit crunch, and my bank was just taken into majority government ownership.

"Well I can see that you're not daft with your account Mr V, that's why you've been approved with a limit of £2,450."

So definitely approach your own bank first!

Natwest dished out around £120k of additional borrowing (personal mortgage for company expansion) at around this time, as we seemed a safe bet, and the bank got their money back when we sold the lease on the old unit, so your own bank (as Natwest was then for us) is definitely worth a shot.

It's amazing how many people don't, to apply with a new company to them, then wonder why they're rejected.

iAMaLONDONER

leeroy2009 wrote: »

that so and dd thing did my head in on the lloyds thread!

Just imagine the financial ignorance of people who DON'T use MSE lol!

seriousDFW

I teach secondary mathematics. Financial management is incorporated into lessons where appropriate (eg percentages) but even secondary children can't fully appreciate how credit cards and mortgages etc work. For most, they only really understand how they work when they have some real experience of them.

I agree with the poster who said that we need to teach good reading and numeracy skills in schools so that when they come across these products as adults they can make informed decisions and learn about products when they are relevant to them.

However I do think parents can help their children understand money far better than teachers can - they are the ones who buy them things, help manage their money, guide them on spending. Day to day finances isn't a school subject - it's a life lesson that people learn at different stages and parents are best placed to meet that need.

Also find the comments about subjects they could drop in favour of this a bit offensive. My life would have suffered greatly if I had had my school time wasted with money lessons instead of languages, which I value highly.

greenorange

seriousDFW wrote: »

I teach secondary mathematics. Financial management is incorporated into lessons where appropriate (eg percentages) but even secondary children can't fully appreciate how credit cards and mortgages etc work. For most, they only really understand how they work when they have some real experience of them.

I agree with the poster who said that we need to teach good reading and numeracy skills in schools so that when they come across these products as adults they can make informed decisions and learn about products when they are relevant to them.

However I do think parents can help their children understand money far better than teachers can - they are the ones who buy them things, help manage their money, guide them on spending. Day to day finances isn't a school subject - it's a life lesson that people learn at different stages and parents are best placed to meet that need.

Also find the comments about subjects they could drop in favour of this a bit offensive. My life would have suffered greatly if I had had my school time wasted with money lessons instead of languages, which I value highly.

The school I worked at had a large amount of pupils drop MFL and Drama to take other lessons/subjects/courses. I even had a large amount of pupils drop Spanish to partake in an online 'healthy eating' course that I taught for year 11s.

While I worked in an inner London state school (you may work in a private or outer London school which I have no experience of), surely if you're a teacher, seeing children dropped from subjects to do something else should not offend you.

seriousDFW

greenorange wrote: »

The school I worked at had a large amount of pupils drop MFL and Drama to take other lessons/subjects/courses. I even had a large amount of pupils drop Spanish to partake in an online 'healthy eating' course that I taught for year 11s.

While I worked in an inner London state school (you may work in a private or outer London school which I have no experience of), surely if you're a teacher, seeing children dropped from subjects to do something else should not offend you.

My problem is only if a child is made to do something of no or little value to them instead of something which would be valuable. I would hate an option for a language, say, to be removed in favour of compulsory financial management lessons, for example.

Children dropping subjects where appropriate I have no issue with, although as I am mathematics I don't have that problem as it's compulsory!

greenorange

seriousDFW wrote: »

My problem is only if a child is made to do something of no or little value to them instead of something which would be valuable. I would hate an option for a language, say, to be removed in favour of compulsory financial management lessons, for example.

Children dropping subjects where appropriate I have no issue with, although as I am mathematics I don't have that problem as it's compulsory!

I agree with the concept that a valuable subject should not be removed, but I do believe fitting a financial management lesson somewhere into the curriculum would be beneficial (I don't think there's anywhere to squeeze it in), even if it was just as an option offered at GCSE.

I only worked with pupils who were 'labelled' as unlikely to pass the traditional subjects (hence why they replaced some with simplified online courses to get a pass), so in my position, teaching these kids how to handle money instead of Spanish or French (English would be an achievement) would be much more beneficial to them.