Financial Education

Eldi_Dos

Been following this forum for last couple of years and have found it beneficial. Been thinking about how empowering it would have been to have had some of this knowledge earlier. Would like to hear your thoughts on some form of financial education module being included in apprenticeship and further education courses.

Albermarle

Would be a very good idea and in schools as well. 

Retireinten

Also think it would be a good idea to have much improved financial education for young adults.  Don't think we do enough to cover the basics (budgeting, living within your means, emergency funds, managing credit sensibly etc), never mind long term financial planning.

Trick will be to package this up in a way that is understandable, engaging and not mind numbingly boring to the average 18-25 year old. 

flipper_72

My 12 year old showed me a post on Instagram yesterday about how much money you would have at 60 investing 100 per month from 18 v investing from 40. He was so impressed and is determined to invest as soon as he can. This sort of thing would be a good start to a pension/ savings/ investing lesson.

Thrugelmir

In days gone by much wise advice was passed down from generation to generation. That link is sadly broken in the main. Want it now,  buy now pay later, interest free credit,  culture prevails. 

tacpot12

Martin Lewis donated some of his own money to ensure that Secondary Schools had copies of the "Your Money Matters" text book. See here First-ever financial education textbook lands in schools – funded by Martin (moneysavingexpert.com)

It's a great book and tells you a lot of very useful information. It's a good primer for people of all ages.  

daveyjp

Its taken 40 years to get to the point of those in power convincing the populace that debt is how things work, to the point getting a degree results in a debt longer than a mortgage.

Do you think those in power will spend money educating us that their teachings are wrong and saving and living within your means is the way forwards?

ewaste

The reality is you can only try and educate your own kids, family and friends as best you can. Everyone has their own 'special interest' or 'identity' that they believe simply must be taught to the masses and included in the curriculum. We on the Pensions sub-forum of a finance and consumer advice forum are no different.

Compound interest, budgeting and other basic things are taught in Math classes but like everything else there will be those who care and pay attention and those who don't.

cfw1994

I think that part of the problem is this:

Thrugelmir

cfw1994 said:

I think that part of the problem is this:

Leveraging with debt being far too often the perceived route to getting rich quick. 

Retireinten

ewaste said:

The reality is you can only try and educate your own kids, family and friends as best you can. Everyone has their own 'special interest' or 'identity' that they believe simply must be taught to the masses and included in the curriculum. We on the Pensions sub-forum of a finance and consumer advice forum are no different.

Compound interest, budgeting and other basic things are taught in Math classes but like everything else there will be those who care and pay attention and those who don't.

The basics are but I suspect not in a way that hits home. It's all theory, kids learn enough to pass an exam, they don't necessarily realise how this can apply to... and benefit... them in their own adult lives.



But it is absolutely down to the individual. I take a keen interest in personal finance and have done since I was a teenager but I've learnt as I've gone along and from my own mistakes. I would no doubt have benefitted from some form of personal financial awareness 'training' when I was younger. Whereas my husband is the other extreme -  he doesn't even know where he banks. He holds down a responsible job but he has zero interest in personal finance. Any training now would be a complete waste of time, never mind 25 years ago.


The thing with personal finance is you have to do it whether you have an interest in it or not (unless you partner up with someone that does it for you).