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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 29th Jun 12, 2:26 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Schools should teach financial education, MP says
    • #1
    • 29th Jun 12, 2:26 PM
    MSE News: Schools should teach financial education, MP says 29th Jun 12 at 2:26 PM
    "Calls in Parliament for financial education to become a compulsory part of the school curriculum were made this week..."

Page 1
    • Ken68
    • By Ken68 29th Jun 12, 4:42 PM
    • 6,495 Posts
    • 4,138 Thanks
    Ken68
    • #2
    • 29th Jun 12, 4:42 PM
    • #2
    • 29th Jun 12, 4:42 PM
    My Member of Parliament say it is already part of the education syllabus, but he is a banker, so that's OK then.
    • Credit-Crunched
    • By Credit-Crunched 29th Jun 12, 5:05 PM
    • 2,106 Posts
    • 4,138 Thanks
    Credit-Crunched
    • #3
    • 29th Jun 12, 5:05 PM
    • #3
    • 29th Jun 12, 5:05 PM
    Before we start educating children, I think we should start on the numerical competency of teachers!
    • bargainbeater
    • By bargainbeater 30th Jun 12, 1:21 PM
    • 8 Posts
    • 4 Thanks
    bargainbeater
    • #4
    • 30th Jun 12, 1:21 PM
    • #4
    • 30th Jun 12, 1:21 PM
    For my money this can't come quick enough, I work with families the majority are deprived and I can tell you from experience 95% have debts. About half of these have debts between 15,000 and 25,000 despite being lone parents, on benefits and having no collateral. The majority cannot believe how much debt they have when we sit down and work it out. Even the clients who believe they are 'good with money' can't seem to comprehend that having a debt of 800 won't ever be cleared by paying 5.00 per week to the moneylender. We have offered money management classes on several occassions with very little uptake. Educating them in school will hopefully make a difference.
    • Credit-Crunched
    • By Credit-Crunched 30th Jun 12, 3:11 PM
    • 2,106 Posts
    • 4,138 Thanks
    Credit-Crunched
    • #5
    • 30th Jun 12, 3:11 PM
    • #5
    • 30th Jun 12, 3:11 PM
    For my money this can't come quick enough, I work with families the majority are deprived and I can tell you from experience 95% have debts. About half of these have debts between 15,000 and 25,000 despite being lone parents, on benefits and having no collateral. The majority cannot believe how much debt they have when we sit down and work it out. Even the clients who believe they are 'good with money' can't seem to comprehend that having a debt of 800 won't ever be cleared by paying 5.00 per week to the moneylender. We have offered money management classes on several occassions with very little uptake. Educating them in school will hopefully make a difference.
    Originally posted by bargainbeater
    I see the same, the things that I dont get is the fact that they smoke, play the lottery at least 5 a week, have the max sky package at 125 a month and then have the best wide screen TV's on tick with a well known 'sunnyhome' finance provider.

    Then when you challenge to see where cuts can be made they would rather cut our food before the above, you can take a horse to water as they say..
    • bargainbeater
    • By bargainbeater 30th Jun 12, 3:32 PM
    • 8 Posts
    • 4 Thanks
    bargainbeater
    • #6
    • 30th Jun 12, 3:32 PM
    • #6
    • 30th Jun 12, 3:32 PM
    Sometimes they produce bank statements with a couple of visits to 'GAME' and subscriptions to 'LOVEFILM' on top of the 'SKY' package, they don't have time to work and wonder why their kids don't communicate and I wonder why babies that can't even walk need to wear the latest designer trainers and travel round in designer buggies because the parents wouldn't dream of having 2nd hand. Some of the children I meet have not ever been to the beach - which is free entertainment - even more unbelievable given we live in a resort on the south coast, they say they can't afford to do anything with their kids
    • Owain Moneysaver
    • By Owain Moneysaver 30th Jun 12, 4:29 PM
    • 9,443 Posts
    • 11,350 Thanks
    Owain Moneysaver
    • #7
    • 30th Jun 12, 4:29 PM
    • #7
    • 30th Jun 12, 4:29 PM
    Could we teach them to read, write and do sums first?

    Financial education might follow of its own accord.
    A kind word lasts a minute, a skelped erse is sair for a day.
    • The One Who
    • By The One Who 30th Jun 12, 7:09 PM
    • 2,368 Posts
    • 2,924 Thanks
    The One Who
    • #8
    • 30th Jun 12, 7:09 PM
    • #8
    • 30th Jun 12, 7:09 PM
    My Member of Parliament say it is already part of the education syllabus
    Originally posted by Ken68
    It is, at least it was at my school. It was never expressly named "financial education", but money and finance was normally used in practical maths examples. We also did budgeting and general life-living financial lessons as part of 'social education'.
  • Dunroamin
    • #9
    • 30th Jun 12, 10:06 PM
    • #9
    • 30th Jun 12, 10:06 PM
    We let MPs dictate the syllabus in school at our peril.
  • jollyme
    This HAS to be taught in schools along with understanding the potential implications of signing an agreement such as a phone contract, or credit card or tenancy agreement etc etc without reading and understanding it.
  • Bignee
    A good tool for schools
    I used to work for a major high street bank who took banking education into schools, it was called Moneysense however we found it difficult and a very long process to get authorisation for this but once in it did work very well. As far as I know this is still ongoing also
  • NRBurns
    It's about time we had 'financial education to become a compulsory part of the school curriculum'. I am in my forties but So wish I had received financial education when I was at school. In Fact I wish My Parents had also had financial education as well, because the problems started with My parents not just with Me.
    I learnt through playing the 'Cash-flow 101' game as designed and produced by Robert Kiyosaki, who also wrote the Rich Dad-Poor Dad series of books. I am So grateful to this guy for showing me my mistakes and enlightening me on how BAD my financial education was. AND, I have a degree in Electronics. But my mathematics did NOT teach me ANY financial education at all!! Fact!
    In fact it has taken me over 14 years to get OUT of debt following on from my university education, even though I did that as a mature student after my military career. Now, I have learnt so much from playing cash-flow 101 and actually Seen from playing the game Where I was going wrong.
    For those who would like to play the game without buying it, I have the game myself and welcome anyone to contact me to play the game and learn financial education. So yes, as for Financial education being made compulsory in school. About time too, and I Would Personally be Very Happy to teach it as well. In fact More than happy!!
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