Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 5th Mar 13, 2:28 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Financial education in schools would have helped us, Britons say
    • #1
    • 5th Mar 13, 2:28 PM
    MSE News: Financial education in schools would have helped us, Britons say 5th Mar 13 at 2:28 PM
    "More than half of people believe being taught money education in school would have improved their financial knowledge..."

    Read the full story:

    Financial education in schools would have helped us, Britons say



    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • MacMickster
    • By MacMickster 5th Mar 13, 4:37 PM
    • 2,879 Posts
    • 9,209 Thanks
    MacMickster
    • #2
    • 5th Mar 13, 4:37 PM
    • #2
    • 5th Mar 13, 4:37 PM
    For those without a decent standard of ability in mathematics, financial education will have little benefit. The 50% of the population who are worst at maths are probably the same 50% who wish they had been educated about money.

    Improving maths skills is far more important than telling schoolchildren what APR and AER mean.
    • Chomeur
    • By Chomeur 5th Mar 13, 4:45 PM
    • 1,758 Posts
    • 400 Thanks
    Chomeur
    • #3
    • 5th Mar 13, 4:45 PM
    • #3
    • 5th Mar 13, 4:45 PM
    For those without a decent standard of ability in mathematics, financial education will have little benefit. The 50% of the population who are worst at maths are probably the same 50% who wish they had been educated about money.

    Improving maths skills is far more important than telling schoolchildren what APR and AER mean.
    Originally posted by MacMickster
    Agreed. All you need to be able to look after your personal finances is the ability to read and write and basic arithmetic. If you didn't pay attention when being taught that then there's little chance you would have paid attention when being taught about mortgages.
    • Murphybear
    • By Murphybear 5th Mar 13, 4:57 PM
    • 4,555 Posts
    • 8,721 Thanks
    Murphybear
    • #4
    • 5th Mar 13, 4:57 PM
    • #4
    • 5th Mar 13, 4:57 PM
    I agree to a certain point. Our children are coming out of schools without much maths or English knowledge.

    Financial education isn't just about arithmetic though, they need to understand basic things such as if you have a credit card or loan it isn't 'free' money and must be paid back.

    If the statistics you read about are correct then many children are going straight from school onto unemployment/other benefits. Surely they should leave school with some understanding of what this means?
    • egyptiangirl
    • By egyptiangirl 5th Mar 13, 5:51 PM
    • 422 Posts
    • 448 Thanks
    egyptiangirl
    • #5
    • 5th Mar 13, 5:51 PM
    • #5
    • 5th Mar 13, 5:51 PM
    I am a teacher.

    I consistently repeat things to students throughout their time with us. All schools I've taught in in the past 10 years have taught this. It is nothing new.

    However, until a child becomes an adult and realises what this all means most of them don't give a damn. All they see is 'free money' from a credit card. They don't remember me telling them what APR means!

    As with many things, if the parents aren't doing as we preach, what's the point? If mummy and daddy buy them everything they want, possibly on credit, what sort of lesson is that?

    Teachers try very hard to educate kids in this. Maybe instead of campaigning on this you should campaign to Mr Gove to revise his views on GCSE results and we might have the time to release financially literate children into this country's economy instead of teaching them Trigonometry and Pythagoras?
    Always on the hunt for a bargain.
    • Caddyman
    • By Caddyman 5th Mar 13, 7:01 PM
    • 338 Posts
    • 218 Thanks
    Caddyman
    • #6
    • 5th Mar 13, 7:01 PM
    • #6
    • 5th Mar 13, 7:01 PM
    I've posted this before in a previous thread about financial education for kids.

    Back in 1982, I and ten of my peers, were taken out of mainstream maths at my Secondary Modern School because we just couldn't grasp things like tangents/cosines/logarithms and the like. We were put on a pilot 'Money Management' course to take us to the end of our education (I left school in '84 at 16). Our Maths teacher was a fantastic bloke who promised that when we left school, we would be able to manage our finances and it would be far more 'useful' to us than what we would have learned. He was truly right. I've had a great career, I have zero debt and a decent roof over my head, all down to solid financial education, a lot of hard work, oh, and by not having any children!
    • bylromarha
    • By bylromarha 5th Mar 13, 8:04 PM
    • 9,959 Posts
    • 13,247 Thanks
    bylromarha
    • #7
    • 5th Mar 13, 8:04 PM
    • #7
    • 5th Mar 13, 8:04 PM
    I teach too.

    Personal responsibility/mum/understanding of basic maths is what I had.

    The only debts I had through life are my student loan (all paid now) and mortgage. Worked out long before MSE started that stoozing was a good way of making money-mid 90s I took out my full student loan each year to bung into a high interest account. Then took full advantage of my 0% overdraft facility for the same purpose.

    Schools have been teaching basic financial education to a greater or lesser degree in maths and PSE - but the UK blame culture finds it much easier to point the finger elsewhere rather than back at the person who actually signed the loan, or wanted the must have TV.

    I wonder what situation the UK will be like in 15 years time? When financial education has been taught for a number of years and the country is (hopefully) feeling a bit more financially fluid? I'm not sure the debt situation will be that much different - hope I'm wrong, but school is not the place these lessons are taught.
    Who made hogs and dogs and frogs?
    • Nada666
    • By Nada666 5th Mar 13, 8:47 PM
    • 4,868 Posts
    • 3,886 Thanks
    Nada666
    • #8
    • 5th Mar 13, 8:47 PM
    • #8
    • 5th Mar 13, 8:47 PM
    Perhaps MSE towers should start with their own reporters - and stop them from publishing stupid scare stories about increases in profits when they are accompanied by a pro rata increase in sales.
    • Credit-Crunched
    • By Credit-Crunched 5th Mar 13, 9:04 PM
    • 2,107 Posts
    • 4,138 Thanks
    Credit-Crunched
    • #9
    • 5th Mar 13, 9:04 PM
    • #9
    • 5th Mar 13, 9:04 PM
    I am a teacher.

    ........... results and we might have the time to release financially literate children into this country's economy instead of teaching them Trigonometry and Pythagoras?
    Originally posted by egyptiangirl
    What a scary statement from a teacher, heaven forbid that you teach children such useless mathematical knowledge such as trigonometry and Pythagoras, what use do they have in the real world?

    Whilst you are at it, why not ditch algebra....

    These are the basics needed to understand maths and its real life applications.

    This mentality is the reason why we are lagging behind the world in numeracy and on a larger scale engineering and technology.

    Please re visit your slightly odd views towards the essential maths foundations and try to teach with a more open mind.
    • jgriggle
    • By jgriggle 6th Mar 13, 8:58 AM
    • 165 Posts
    • 262 Thanks
    jgriggle
    I think it rather suits the powers that be and their business buddies to have a bunch of financially illiterate youngsters leaving school, ready to be moulded into good little consumers...
  • Derivative
    What a scary statement from a teacher, heaven forbid that you teach children such useless mathematical knowledge such as trigonometry and Pythagoras, what use do they have in the real world?

    Whilst you are at it, why not ditch algebra....

    These are the basics needed to understand maths and its real life applications.

    This mentality is the reason why we are lagging behind the world in numeracy and on a larger scale engineering and technology.

    Please re visit your slightly odd views towards the essential maths foundations and try to teach with a more open mind.
    Originally posted by Credit-Crunched
    I think you've missed the point somewhat.

    I am a Physics undergraduate and use trigonometry and algebra enough that I consider it more natural than speaking English.
    It is certainly important. (Trigonometry less so than algebra - algebra is required for trig).

    However, everyone of sound mind will have to manage a budget at some point in their lives.
    If we're optimistic, less than half will ever encounter the cosine rule.
    To be frank - it's likely even I'll never see it again given the career path I'd like to follow.

    Given limited teaching time, something has to give.
    Said Aristippus, “If you would learn to be subservient to the king you would not have to live on lentils.”
    Said Diogenes, “Learn to live on lentils and you will not have to be subservient to the king.”
    • Catriona_P
    • By Catriona_P 6th Mar 13, 11:52 AM
    • 800 Posts
    • 4,707 Thanks
    Catriona_P
    I left school in the early 2000's to go to university - we of my generation were ACTIVELY ENCOURAGED to get ourselves into debt in order to study for a degree. We were told that a few thousand pounds worth of debt from our undergrad degrees would be nothing in comparison to the mega bucks we'd be earning as a result. If only we'd known what a total and utter lie that was and how far we were sold down the river.

    Maybe if we'd had 'money management' classes we would have seen it for what it was, but I somehow doubt it would have suited government policy at the time. I agree with jgriggle that sometimes it suits those up top for us to be financially illiterate.
    "Why, this is hell, nor am I out of it."
  • Dunroamin
    If financial education has the same effect on young people's finances as sex education has had on the teenagepregnancy rate - heaven help us!
  • Dunroamin
    I think you've missed the point somewhat.

    I am a Physics undergraduate and use trigonometry and algebra enough that I consider it more natural than speaking English.
    It is certainly important. (Trigonometry less so than algebra - algebra is required for trig).

    However, everyone of sound mind will have to manage a budget at some point in their lives.
    If we're optimistic, less than half will ever encounter the cosine rule.
    To be frank - it's likely even I'll never see it again given the career path I'd like to follow.

    Given limited teaching time, something has to give.
    Originally posted by Derivative
    But you might need a crystal ball to know who's in which half.

    Financial education shouldn't be introduced at the expense of the already sadly depleted Maths syllabus.
  • Derivative
    But you might need a crystal ball to know who's in which half.
    Originally posted by Dunroamin
    Yes, but you don't need a crystal ball to know who's in the 100%.

    It seems obvious to me that educating someone in something that will definitely be important, no matter what they do in life (other than joining some sort of non-capitalist society), should take precedence over something they merely 'may' use.

    I'm not necessarily condoning stripping Maths out, but something has to give somewhere. Arguably financial education is at least as important as, say, food preparation - is this still in schools?
    Said Aristippus, “If you would learn to be subservient to the king you would not have to live on lentils.”
    Said Diogenes, “Learn to live on lentils and you will not have to be subservient to the king.”
  • Dunroamin
    Yes, but you don't need a crystal ball to know who's in the 100%.

    It seems obvious to me that educating someone in something that will definitely be important, no matter what they do in life (other than joining some sort of non-capitalist society), should take precedence over something they merely 'may' use.

    I'm not necessarily condoning stripping Maths out, but something has to give somewhere. Arguably financial education is at least as important as, say, food preparation - is this still in schools?
    Originally posted by Derivative
    You could just as well argue that you need to teach text speak rather than formal English because everybody's going to text whereas not everybody's going to need to be able to write a formal letter.

    I don't know how many schools offer "food prep" but this seems to me to be a strange subject to pick as optional because, by your own definition, 100% of students are going to eat.
    • Person_one
    • By Person_one 6th Mar 13, 1:45 PM
    • 26,964 Posts
    • 92,392 Thanks
    Person_one
    Isn't this the sort of thing that would fit into PHSE or whatever its called these days rather than maths lessons?
    • bylromarha
    • By bylromarha 6th Mar 13, 4:05 PM
    • 9,959 Posts
    • 13,247 Thanks
    bylromarha
    Went on a teaching course today in a secondary school.

    The conference room we met in had loads of kids work up on Tax, VAT, Best price, Price matching, Comparisons for deals.

    The room was rather full, so I didn't want to be stared at for taking a piccy of their work, but I can assure you Kelkoo and co were mentioned, and a great explanation too of VAT.

    Like I said, schools have been teaching this stuff to a greater or lesser extent for years.

    Whether their pupils choose to act on the information or not is another matter - as with all things in the classroom, the theory in the room makes no difference until you practically experience it for yourself.
    Who made hogs and dogs and frogs?
  • Dunroamin
    Went on a teaching course today in a secondary school.

    The conference room we met in had loads of kids work up on Tax, VAT, Best price, Price matching, Comparisons for deals.

    The room was rather full, so I didn't want to be stared at for taking a piccy of their work, but I can assure you Kelkoo and co were mentioned, and a great explanation too of VAT.

    Like I said, schools have been teaching this stuff to a greater or lesser extent for years.

    Whether their pupils choose to act on the information or not is another matter - as with all things in the classroom, the theory in the room makes no difference until you practically experience it for yourself.
    Originally posted by bylromarha
    That's great but it often seems to be about buying stuff rather than being about not buying stuff, which seems to me to be at least as important.
    • bylromarha
    • By bylromarha 6th Mar 13, 6:54 PM
    • 9,959 Posts
    • 13,247 Thanks
    bylromarha
    That's great but it often seems to be about buying stuff rather than being about not buying stuff, which seems to me to be at least as important.
    Originally posted by Dunroamin
    Not sure how long you could drag out "don't buy stuff if you can't afford it"

    Or how long that poster would last in a secondary school

    Or how much stick the creator of the poster would have to take about being poor and a skank for choosing to tell other people to save, then buy.

    Personal responsibility and self control extends to so much more than money - a lot of debt is amassed because people have little control over their desires and have been led to believe in their sense of entitlement.

    Financial education on the curriculum is never going to cure that root problem.
    Who made hogs and dogs and frogs?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

768Posts Today

5,810Users online

Martin's Twitter