Money Savers of the UK unite!

robertgarner11

Martin, our children need your help!

I’ve realised - and probably many Money Expert subscribers - that almost everything learnt about how to handle money has been self-taught or handed down from generation to generation within families. I believe strongly that personal finance should be taught in schools, for how can we cope with APRs, AERs, mortgages, debt, savings and so on when we leave education? The thing is, we don't. We’re ignorant of one of the most important subjects there is - money.

My suggestion is that you, as the UK's leader in money matters, begin a campaign to make schools teach their pupils the importance of money. Useful, interesting lessons on how to make money, save it, invest it, etc.

Besides, if Jamie Oliver can make the government take note, anyone can!

With your help Martin, we can make our children financially literate!

Edinburghlass_2

My daughter has/is being taught this at High School, problem is its not exactly what they are interested in at that age.

Like most things you learn at school its only with hindsight you wish you had paid more attention.

aliasojo

Blooming good idea!

I've always thought that money awareness should start at primary school. I don't just mean how to count and handle cash, I mean the value of things and what it means.

By the time they get to the Academy it would be a easy transition to then start on the more serious stuff.

Oh I can sense a petition coming on.

How about it Martin?

I'm sure the Government would welcome a new generation of financially savvy people. Being financially astute may well mean more independance/ fewer numbers of people in debt/ less drain on Government resources in years to come.

Just think, our kids could become financial whizz kids and they could look after all of us in our old age cos they'll be loaded!

Oh yay, oh yay! I LIKE THIS IDEA!

Queenie

:wave: Welcome Robert.

I think you have a good point, but ...

...schools teach arithmatic. I do not see that the school is the place to learn about "personal finance" as such. Budgeting is simple maths at the end of the day!

What age would you suggest those "lessons" begin? Infants? Juniors? Secondary? Infants wouldn't grasp the intricacies of APR; Juniors are already under pressure with 11+ and SATS and the prospect of moving schools; teens really are not interested (in the main!) unless it is to do with sex, what the latest fashion is and getting to grips with their raging hormones and individuality!.

Also, if we expect schools to now take on that aspect of responsibility towards our children ... what are the parents for? Provide food and clothing only?

Jamie Oliver was targeting the nutrition of the meals "provided" within the school - lesson plans already exist on nutrition in the classroom - it was the hypocracy of being given lessons on nutrition and then sending the kids for their unhealthy school grub which was the real nub of the issue!

robertgarner11

Thanks for all the comments so far.

Yes, it’s true, budgeting is simple maths, though who teaches your child how to budget? Parents? What if you had parents who weren’t Money Savers? Or who disapproved of talking about money? Where would you learn about the different types of credit and store cards and how companies make their money, mortgages, the importance of savings and interest rates, and so on. Teachers, obviously, wouldn’t be able to give financial advice, but they could teach children the basics.

I reckon early secondary would be a good time, before GCSEs. After all, it was only in my thirties when I first heard about compound interest. Now, if I’d learnt about that twenty years ago and started putting some money aside...

frizz_head

I think its a great idea - TV at the moment is teaching our kids that if you can't afford something, you can get a loan!

Queenie

You must be watching the wrong channels frizzy ... mine watch Smart Savers

nearlyrich

I think it's my responsibility to teach my children about money, and like most of the values and standards I have hopefully instilled it hasn't always been easy. They do understand that money doesn't grow on trees that's for sure.

Just had an interesting chat with my daughter who is bemused that a friend of hers is buying a new car on credit, she thinks he is crazy lol.

Hopefully I can help both of them through college without them having to resort to any more than the basic student loans so we are just in the process of working out who needs what and when. They both understand the value of a realistic budget...:money:

frizz_head

Queenie wrote:

You must be watching the wrong channels frizzy ... mine watch Smart Savers

A few months ago, my car broke down, daughters answer to everything is buy a new one. I said, I can't afford to, she said, just go to Yes Car Credit!!!!

isasmurf

This is supposedly the whole point of the Child Trust Fund, to teach children the value of saving and how financial markets work. There is supposed to be a program of financial education being developed between the Inland Revenue and Dept for Education ready for when the CTF children go to school.
From Detailed proposals for the CTF

5.11 To support learning through the CTF and related topics in the classroom, the Government will commission the development of a range of CTF teaching and learning resources. The resources will help children improve their financial capability and will be clearly linked to different parts of the curriculum including Personal, Social and Health education, Citizenship and Numeracy / Mathematics. The Government will ensure the development of teaching and learning resources to fit with curricula across the UK. These resources will be designed to meet the child’s needs at different ages beginning with an introduction to the basic concepts of saving and moving towards guidance on possible uses of financial assets, including continuing to save, as the young person’s CTF nears maturity. The Government will promote and make available these resources to all schools.

5.12 Over the next few years the Inland Revenue also intends to work closely with the Department for Education and Skills, the devolved administrations, and organisations such as the FSA and PFEG (Personal Finance Education Group) to assess what additional support will help children engage with their CTF and ensure CTF objectives are met. This could include joint work to consider the professional development needs of teachers teaching personal finance topics and issuing updated guidance on teaching personal finance incorporating the CTF.

Of course, these are just words and we wait for them to be implemented - but that might depend on Thursday's result!

Whether you agree this is the best way to teach children about money is another matter.