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    • minerva_windsong
    • By minerva_windsong 2nd Mar 10, 11:23 AM
    • 3,765 Posts
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    minerva_windsong
    • #2
    • 2nd Mar 10, 11:23 AM
    • #2
    • 2nd Mar 10, 11:23 AM
    I voted B. I think that kids do need to be taught about finances (in the manner of the Teen Cash Class - actually, now there's a thought, stripping it of the ITV/Tonight branding and using it as an educational DVD in lessons) and that school is a good place to do that, but as Martin's editorial comment says it needs to be about making kids into savvy consumers and not just teaching them what credit cards are.

    However, I do think there should be some parental responsibility involved. I grew up in a family where the attitude was 'the only debt you should have is a mortgage or a student loan, and you should pay that off as soon as possible', and whilst it was a useful attitude, it did mean I came to MoneySaving a bit late in life and now it's me teaching them stuff about shopping around for bank accounts and suchlike. So when/if I have my own children, I fully intend to teach them about those kinds of things.
    "A mind needs books as a sword needs a whetstone, if it is to keep its edge." - Tyrion Lannister

    Married my best friend 1st November 2014

    Loose = the opposite of tight (eg "These trousers feel a little loose")
    Lose = the opposite of find/gain (eg "I'm going to lose weight this year")
  • hayleythedaisy
    • #3
    • 2nd Mar 10, 12:03 PM
    • #3
    • 2nd Mar 10, 12:03 PM
    Much as in an ideal world I think it should be the parents responsibility we unfortunately do not live in an ideal world, and as some parents would never have been taught themselves, they perhaps wouldn't have the skills to pass on to their children. If you look around, there are some people who just don't grasp money sense, should their children suffer for that?
    Hopefully one day we will be a nation who is well educated in personal finances to be able to teach our own families and take the responsibility back, but for now I think it's brilliant that it is being taught in schools.
    Bump due 22nd September
    • wildthing01
    • By wildthing01 2nd Mar 10, 12:24 PM
    • 328 Posts
    • 2,237 Thanks
    wildthing01
    • #4
    • 2nd Mar 10, 12:24 PM
    • #4
    • 2nd Mar 10, 12:24 PM
    i agree - there are many things taught in schools that some might think are the parents' responsibility, but there are many parents who can't or won't teach their children, so much as we bang on about the nanny state, i think it's necessary to teach important life skills like financial education in schools too. after all schools teach cookery/domestic science (they still do don't they???) and many would say that should be learnt in the home, so it's no different to money management.
    • luxor4t
    • By luxor4t 2nd Mar 10, 1:38 PM
    • 10,463 Posts
    • 37,979 Thanks
    luxor4t
    • #5
    • 2nd Mar 10, 1:38 PM
    • #5
    • 2nd Mar 10, 1:38 PM
    Who is going to decide what pupils should be taught about money?
    National Curriculum was forced onto schools by politicians & although the current situation is more realistic teachers are still used as political pawns - look at all the prosposed initiatives to 'improve' education that actually mean pupils are denied continuity as 'quick fix' is piled upon 'quick fix'.

    Schools' time is jammed full already - what should be dropped? By law pupils at Key Stage 3 must be taught English, mathematics, science, history, geography, design and technology, information and communication technology, modern foreign languages, art and design, music, physical education and citizenship. Pupils must also study religious education. There are targets to meet & woe betide the school that starts to fall behind!

    http://www.dcsf.gov.uk/performancetables/ks3_04/k3.shtml
    I can cook and sew, make flowers grow.
    • kindofagilr
    • By kindofagilr 2nd Mar 10, 1:39 PM
    • 6,682 Posts
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    kindofagilr
    • #6
    • 2nd Mar 10, 1:39 PM
    • #6
    • 2nd Mar 10, 1:39 PM
    I voted A I think it's great news.

    This society shows that parents of kids in school don't know much about finance themselves so they can't help their kids understand.

    I wish I'd learnt about APR's etc at achool (and no I'm not trying to use that as an excuse)
    Current Debt 39,344.00/44,856.56 ~ 17/05/19 - 12.28% Paid Off

    POAMAYC 2019 #87 5694.94
    POAMAYC 2018 #87 13,912.57

    POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    81,767.18/104,409.00 (as of 30/04/19) ~ 21.68% Paid Off

    Christmas Savings 18: Totalled 750/Christmas Savings 19: 0
    Cyprus 19 Savings: 800/2000 ~ Centre Parcs 19 Savings: 500/500
    Emergency Savings: 50


    My Debt Free Diary (Link)
  • teddyco
    • #7
    • 2nd Mar 10, 3:23 PM
    • #7
    • 2nd Mar 10, 3:23 PM
    My parents did take an active role in helping me understand economics and finance which is why they encouraged me to go to University and take courses in those subjects.

    Sadly, many parents today don't know much about economics and finance which is why so many folks get suckered by the banking industry.

    This is good news for the UK, knowledge is power!
    • UnluckyT
    • By UnluckyT 2nd Mar 10, 3:28 PM
    • 476 Posts
    • 1,317 Thanks
    UnluckyT
    • #8
    • 2nd Mar 10, 3:28 PM
    • #8
    • 2nd Mar 10, 3:28 PM
    B for me.I thinks it great and its about time, as long as its done in the right way,although it makes me also wonder how it going to be fitted into the school day.
    Although i must say it the parent(s) responcibility to also to ensure thier children undertsand and learn such things. Parents can rely on the school too much, mine did for one or two subjects and didnt know how to broach it, doesnt always seem to much common sense used (no offence) and wonder if then somehow something was organised as a compulsory out of school thing for both parent and child to do based in the school that had an element of 'fun'. Probaby go a long way.
    • scotsbob
    • By scotsbob 2nd Mar 10, 5:38 PM
    • 4,462 Posts
    • 6,958 Thanks
    scotsbob
    • #9
    • 2nd Mar 10, 5:38 PM
    • #9
    • 2nd Mar 10, 5:38 PM
    Banks, building societies and other financial institutuions are already rubbing their hands with glee.

    They will be flooding schools with their professionally produced, glossy workpacks, which conveniently have their logos on them.
    • slummymummyof3
    • By slummymummyof3 2nd Mar 10, 5:56 PM
    • 1,908 Posts
    • 1,684 Thanks
    slummymummyof3
    Children will have to be at school until 5pm before much longer in order to fit in all the extra things that are now being deemed necessary.
    • jexygirl
    • By jexygirl 3rd Mar 10, 12:06 AM
    • 750 Posts
    • 2,032 Thanks
    jexygirl
    my parents taught me the value of money, I worked from aged 11 with a paper round (it was ok then!) and every year had a "summer job" which showed me rewards and paying my way. Too often we are faced with the challenge of "keeping up with others" and in that seems to be a way of showing love and that we are doing out best by our kids - but are we really? Or are we saying ask and you will get - simply because your friends have better paid parents... are we teaching well, or bowing down to pressure. I go down the route of work for it, and you can have it.. I paid rent when i left school - it was explained to me that whilst ever I was at school, they supported me, if I decided to leave, I had to work and pay my way and knowing had i stayed on to college I wouldnt have. I was brought up to pay my way, society changes and education should to. I voted its a good thing, but its also down to parents. I interviewed a young guy today, for a none skilled job, but whom Im willing to pay for courses to give qualifications, whose mum called on his behalf about the job, whose mum would be his transport, (we are a ways out, but one guy cycled 10 miles to get to interview) whom I asked whether he wanted the job, or his mum was on his case to get one... he said its mum more than me. Who is to blame there, he left school in september and did nothing since. I had a all beit crappy job the week after I left school....then went on what was then a YTS for 27 a week, of which my board was 10 a week. I knew I had to, it was how I was brought up. I went on to a 15 year career in Nursing, and then bought my own buisness, I know the value of the pound, it was instilled in me by my parents, not by school, so if parents aren't doing it, then someone needs to.
    Jex
    Last edited by jexygirl; 03-03-2010 at 12:18 AM.
    I will pay jexygirl the compliment of saying that she invariably writes a lot of sense!
    Originally posted by Savvy_Sue
    and she finally worked out after 4 months, how to make that quote her sig!
    • PasturesNew
    • By PasturesNew 3rd Mar 10, 12:12 AM
    • 66,237 Posts
    • 389,209 Thanks
    PasturesNew
    I'd ask how many people could answer this question in fluent French. As everybody's taught French at school, several lessons a week, for at least three years before they can give it up, you'd have thought everybody in the UK was fluent in French. We're not..... so I fail to see what effect a few financial lessons would have.

    It'd just be another pile of money down the drain and schools having to fit something else in.
    • jexygirl
    • By jexygirl 3rd Mar 10, 12:39 AM
    • 750 Posts
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    jexygirl
    Pastures in all fairness, you are taught french for 3 years till you can give it up. unless you choose to travel / be a translator / are talented at languages!etc. it wont be of use. (I am trying to learn dutch atm at the age of 37 and think we are quite ignorant as english in that languages are not encouraged as everyone speaks ours, and therefore our brains are not as trained as our eurropean counterparts who are forced to learn our language from an early age in order to get on - but its another thread) money savvy always will be a useful skill whatever nationality, the ability to work it out is great. Another example - a young 21 year old boyfriend, of a long term member of staff, "needed" a new car. We wont go into the discussion of the "need" in view of the fact they are saving for a house etc. However, as "bad cop" I asked him what the payments were and for how long. He felt he had a good deal at 8k for a car, until it turned out that he was paying 191 a month for 5 years, accruing almost an 11k car... "the salesman said" was what I got as a reply, and i simply said work it out, i also pointed out for him to read the small print as he has been told all sorts of things regarding the terms but at 21 like us all, just likes the car. The terms suck, he is ok if in a year or 2 he sells - TO THEM AND TAKES MORE FINANCE! they make it sound so good, they went to collect said car at 11 as promised and ended up getting it aty 4pm as the salesman thought he was joking at wanting mats and hadnt sorted it. They were treated like fools - the place had their money and I would have walked away, but they have no experience and waited. Its end of month, people have targets, this was the first "advice" they had ever had. A car isnt a great example, but if education in school prevents just one getting into serious debt, or like sex education prevents one unwanted or naive (escape) pregnancy, then it works for me, on whatever level.
    I will pay jexygirl the compliment of saying that she invariably writes a lot of sense!
    Originally posted by Savvy_Sue
    and she finally worked out after 4 months, how to make that quote her sig!
    • Old Wrinkly
    • By Old Wrinkly 3rd Mar 10, 7:26 AM
    • 4,918 Posts
    • 8,450 Thanks
    Old Wrinkly
    Will they teach the same "personal finance education" at Eton as they will at comprehensive schools serving council estates?
  • Ginger_Prince
    Money is an essential skill in the 21st century and particularly plastic money. Credit cards are therefore an easy way to operate but people do not grasp the basic business principle behind the credit card and how they make their money from the APR. Best example of this is Courts Furniture stores in the UK did "buy sofa now pay nothing til 6 months time" deals, then they make the money out of loaning you the cash to get the sofa. However in the Caribbean, Courts is just a straight loan business (they don't hide it behind a sofa deal).
    GP
    • GreenQueen
    • By GreenQueen 3rd Mar 10, 9:36 AM
    • 392 Posts
    • 1,867 Thanks
    GreenQueen
    I was torn between a and b, eventually voted a. yes, parents do have a responsibility as well, but there must be a large number of parents whose own financial knowledge is fairly sketchy - if finance is taught in school, children may even be able to share that knowledge with financially less-able parents.

    It's a similar argument to whether children should be taught about healthy eating - it has been shown that if it's left to parents, not all children will be given the appropriate information.

    GQ
  • topgranny
    I voted 'a' because loads of parents (though by no means all, of course) have no idea about this subject themselves.

    However, if you did a poll on whether sex education should be taught by schools, I would definitely vote 'c'. The ever-rising number of teenage pregnancies shows this tactic is just not working!
    Always skip and eat your peas
    • 8ofspades
    • By 8ofspades 3rd Mar 10, 11:38 AM
    • 15 Posts
    • 9 Thanks
    8ofspades
    I voted A.
    I think parents should have responsibility also, but I don't think it will stop parents who would've taught their kids about finances anyway from doing so - it will just give those kids a broader range of knowledge but also teach the kids who may not have gotten anything from their parents.

    Of course it depends how it's all done.. If it clarifies the terms used and the common misconceptions that banks and credit companies use to their advantages it will perhaps lower the rate of people falling for ridiculous deals.

    I personally would've liked to have been taught the basics in school. It's not that my parents didn't, I just think being taught it in a school-atmosphere (where you'd perhaps be tested/asked questions/have homework) would've made me pay more attention.

    It's knowledge they will probably use on a daily basis one day, I don't think it can really be compared to being taught French.
    • rinoa778
    • By rinoa778 3rd Mar 10, 11:46 AM
    • 196 Posts
    • 69 Thanks
    rinoa778
    B. It’s important, but parents must share the responsibility too

    My parents are hard working, live within their means and don't "flash their cash". I learnt that money is hard to come by and the important things in life is comfort and safety. Once these criteria are fulfilled, you are able to enjoy your money.
    I didn't get any financial education at school but from my parents, they taught me to keep my money safe (in the bank, in my wallet, not lying around) and to not waste it. From these foundations, I taught myself about credit cards. They weren't too happy when I told them but I insisted I was sensible and was paying it off fully once a month. They had associated cc with debt and I had to educate them that it is convenient if used correctly.
    I think what is wrong in this society is that people don't earn their rewards. They borrow money for the wrong reasons, for greed rather than need. We are being encouraged to 'keep up with the Joneses'. You do not have to aspire to this life, you can live to your own expectations.

    Never beg, never steal but justify borrowing.
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    • kindofagilr
    • By kindofagilr 3rd Mar 10, 11:57 AM
    • 6,682 Posts
    • 22,637 Thanks
    kindofagilr
    my parents taught me the value of money, I worked from aged 11 with a paper round (it was ok then!) and every year had a "summer job" which showed me rewards and paying my way. .
    Jex
    Originally posted by jexygirl
    I dont think thats what the poll means, my mother taught me the value of money, but I didnt know about APR's, credit cards, loans etc, which is what I am hoping they will be teaching in school
    Current Debt 39,344.00/44,856.56 ~ 17/05/19 - 12.28% Paid Off

    POAMAYC 2019 #87 5694.94
    POAMAYC 2018 #87 13,912.57

    POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    81,767.18/104,409.00 (as of 30/04/19) ~ 21.68% Paid Off

    Christmas Savings 18: Totalled 750/Christmas Savings 19: 0
    Cyprus 19 Savings: 800/2000 ~ Centre Parcs 19 Savings: 500/500
    Emergency Savings: 50


    My Debt Free Diary (Link)
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