Financial Education in Schools

a_car_person

I’m currently a secondary school student in the UK who has produced a report on financial education in schools which has today been featured in The Times. 

Obviously financial education is a very pertinent issue on MSE and is something I have become passionate about recently too.

What does everyone think?
Article: https://www.thetimes.co.uk/article/e41af3fa-f5c3-11ed-9ecf-630e5864e3c3?shareToken=87d664226458cd920e40024e6f854654
Report: http://motorsportcarsandmore.car.blog/2023/04/05/my-report-into-financial-education/

Misslayed

This resource is available to all schools

https://www.moneysavingexpert.com/news/2021/10/first-ever-financial-education-textbook-arrives-in-welsh-schools/

tacpot12

I agree that its a very important subject. I commend you on your efforts to educate yourself, and in trying to help everyone understand how well the teaching is happening in schools. 

One of the points made in the Times article is that what young adults really want to know is the practical information they will need; like how to open an bank account, how to get a credit card, or how to get a loan to buy a car. I think a good financial education would tell you these things, but it would also teach you to be discerning - how do you pick a good bank, and what is a low interest rate on a credit card and what is a high rate.

But borrowing is not the only topic we need young people to understand. We need to teach them about insurance, and the importance budgeting and saving for the future, and about investing and retirement planning. An understanding of how the benefits systems work, and what the state provides as a safety net if something happens and you cannot work to support yourself or your family, or if you become disabled later in life.  

What we don't need to do is teach you everything! We just need to give you the basics, so that you can ask better questions when you are ready for more information. Good luck with your learning and writing.   

a_car_person

Misslayed said:

This resource is available to all schools

https://www.moneysavingexpert.com/news/2021/10/first-ever-financial-education-textbook-arrives-in-welsh-schools/

It is but just because it’s there doesn’t mean it’s used. My school got sent 100 of these and I haven’t seen them since Y8 when I was given one because they had no use for them ☹️.

It’s great that these resources exist but they aren’t widely used (even my business studies teacher had never heard of the book).

a_car_person

@tacpot12

Thanks, personal finance has been pretty much my only interest since I was 7 or 8 and seeing people around me know so little is saddening (especially as I know the consequences of bad money management thanks to my family). Their fiscal ineptitude was the reason I decided this to write this report in the hope that more people can go into the world knowing about money. 

The practical information would be useful (as most financial things are complicated) but definitely adding about how to be a discerning consumer would be helpful in the long run.

There’s definitely a lot that needs to be covered! For me, the most important things to teach are debt, consumer rights, insurance and scam prevention as I think they are things most people will have to deal with.

 I think getting people interested in finance/not be scared of it is the main thing, if they just shy away from any money-related thing then we’ve achieved nothing! Thanks.