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  • FIRST POST
    • MSE Steve
    • By MSE Steve 8th Nov 18, 6:03 AM
    • 76Posts
    • 28Thanks
    MSE Steve
    First-ever financial education textbook lands in schools - MSE News
    • #1
    • 8th Nov 18, 6:03 AM
    First-ever financial education textbook lands in schools - MSE News 8th Nov 18 at 6:03 AM
    All 3,400 state-funded secondary schools in England will get 100 free copies of a financial education textbook this week, thanks to a £325,000 donation from MoneySavingExpert.com founder Martin Lewis...
    Read the full story:
    'First-ever financial education textbook lands in schools - funded by Martin'

    Click reply below to discuss. If you haven’t already, join the forum to reply.
Page 1
    • PasturesNew
    • By PasturesNew 8th Nov 18, 6:21 AM
    • 64,944 Posts
    • 381,228 Thanks
    PasturesNew
    • #2
    • 8th Nov 18, 6:21 AM
    • #2
    • 8th Nov 18, 6:21 AM
    Personally I think a lot of stuff taught at schools goes in one ear and out the other. Kids won't see the relevance, it'll be "boring" .... and be forgotten.

    I think a lot of things that people shout "should be taught at schools" might be better received if there were some form of "continuing education" available to all adults and seen as "Skills for Life" for those 18+ when they're more able to understand the significance of information.

    Is this book also available, freely, as a downloadable PDF, or viewable online? Well, apparently it is, so that's a start. http://www.young-money.org.uk/textbook

    Just reading that article bored me to the core ... and I glazed over VERY quickly, so did not read even this article, on this site.

    It's a dull subject .....
    • pmduk
    • By pmduk 8th Nov 18, 11:14 AM
    • 9,371 Posts
    • 7,041 Thanks
    pmduk
    • #3
    • 8th Nov 18, 11:14 AM
    • #3
    • 8th Nov 18, 11:14 AM
    It depends when it's taught, I remember most of my class being very intrigued about tax and NI when we were 15.
    • Fingerbobs
    • By Fingerbobs 8th Nov 18, 2:35 PM
    • 494 Posts
    • 139 Thanks
    Fingerbobs
    • #4
    • 8th Nov 18, 2:35 PM
    • #4
    • 8th Nov 18, 2:35 PM
    There's a grammar mistake on the back cover.
    • zagfles
    • By zagfles 8th Nov 18, 10:17 PM
    • 13,535 Posts
    • 11,493 Thanks
    zagfles
    • #5
    • 8th Nov 18, 10:17 PM
    • #5
    • 8th Nov 18, 10:17 PM
    Excellent idea - well done Martin! Most people are incredibly ignorant of fairly simple financial issues, like how their taxes work, benefits, interest, mortgages etc. We teach kids maths, but not the application of maths to useful things like their finances.
    • zagfles
    • By zagfles 8th Nov 18, 10:28 PM
    • 13,535 Posts
    • 11,493 Thanks
    zagfles
    • #6
    • 8th Nov 18, 10:28 PM
    • #6
    • 8th Nov 18, 10:28 PM
    Personally I think a lot of stuff taught at schools goes in one ear and out the other. Kids won't see the relevance, it'll be "boring" .... and be forgotten.
    Originally posted by PasturesNew
    That could apply to anything taught in schools. Maths, English, foreign languages, geography, history etc. Kids would likely see more relevance in this than most other subjects, like trigonometry, the black death, Shakespeare etc.

    Of course some kids will find this boring, but probably the sort who'll find everything else taught in school boring and who'll end up with no qualifications and in a boring dead end low paid job, and end up with a lifetime of boredom because they found school boring. But those who actually what to achieve something with their lives will likely find this more interesting that a lot of subjects.
    • tacpot12
    • By tacpot12 8th Nov 18, 11:13 PM
    • 1,496 Posts
    • 1,282 Thanks
    tacpot12
    • #7
    • 8th Nov 18, 11:13 PM
    • #7
    • 8th Nov 18, 11:13 PM
    The book is very good. I had a quick read of it via the link provided by PasturesNew.
    • gna
    • By gna 9th Nov 18, 10:18 AM
    • 1 Posts
    • 1 Thanks
    gna
    • #8
    • 9th Nov 18, 10:18 AM
    Text book
    • #8
    • 9th Nov 18, 10:18 AM
    The content looks great. More than a few adults should read it as well!

    How can I check if my school is included in those receiving the free text book. As a Pupil referral unit we sometimes get missed off the list of high schools?

    Thanks
    • Remotely
    • By Remotely 10th Nov 18, 1:40 PM
    • 16 Posts
    • 15 Thanks
    Remotely
    • #9
    • 10th Nov 18, 1:40 PM
    • #9
    • 10th Nov 18, 1:40 PM
    Reading it as a PDF now. Looks great!

    Why is the textbook not being sent to Scottish, Welsh and Northern Irish schools?
    The book is only being sent to schools in England because the book is mapped to the English curriculum.

    In Scotland, Wales and Northern Ireland, schools follow different curricula.
    I really feel that text, both in the article, and on the Young Money website is a very weaselly non-explanation.

    If it's an English endeavour to help English kids then fine! Please just say that! The other nations have plenty of their own charities and no-one will complain (well there's always some).

    It's only when companies and organisations pretend to be British and then only make arrangements for people in England, that it gets annoying.
    Last edited by Remotely; 10-11-2018 at 1:43 PM.
    • tim9333
    • By tim9333 12th Nov 18, 4:25 PM
    • 5 Posts
    • 0 Thanks
    tim9333
    Very impressed with Martin's efforts - I'm going to see if my local school would like any support with this.

    Worth noting that the compound interest calculation on page 30 looks like it has a typo?

    £5,000 (1.05 / 12) 12 (10)
    think it should be
    £5,000(1 + 0.05/12)12(10)
    • hiohaa
    • By hiohaa 13th Nov 18, 1:53 PM
    • 31 Posts
    • 1 Thanks
    hiohaa
    The section on Why we pay income tax is completely, and utterly wrong.
    This is a shocking piece of work and I will be contacting the publishers and creators of this textbook to rectify.

    It says
    "Today, Income Tax is the biggest individual source of income for the
    government and accounts for nearly 25% of government income. This,
    together with the income the government raises from other sources, is
    used to pay for all the various areas of government spending.
    Examples of government spending include:
    • Provision of State Pensions,
    low income support and
    Jobseeker’s Allowance
    • The National Health Service
    (NHS) – building hospitals,
    providing treatment and paying
    doctors and nurses
    • Spending on schools, colleges
    and universities
    • The Armed Forces – keeping
    the Army, Navy and Royal Air
    Force up to date with the latest
    technology, and paying the
    salaries of our military personnel
    • Local councils – providing
    services such as emptying your
    rubbish bins, cleaning the
    streets, etc.
    All of these services, and many more, are paid for by the government and
    to do so they must use the income that they receive from taxation. Not just
    Income Tax but also National Insurance, Value Added Tax (VAT), Council Tax,
    taxes on business profits, vehicle tax, and taxes on alcohol, cigarettes, etc"

    That simply is not true. None of that is.

    Taxes Do not Fund government spending. Government spending is part of the national GDP calculation, and government spending is another way of saying Someones income.
    When you pay your taxes, it doesn't get redirected to pay for some service. It goes back to the HM treasury and offsets a credit balance at the BoE.

    In much thesame way when you take out a personal loan with a bank, the Bank creates a deposit account on its liability side and a loan account on its asset side - and the money is created, out of nothing. They are accounting entries.

    The BoE themselves published in 2014 a document explaining how this actually works, and how new money is created.

    Taxes are used to redistribute wealth, to incentivise certain behaviours, and to take money out the economy to control inflation.

    They are not used to fund government services. If anyone can find my proof that Taxes are literally redirected to then pay for public services, I'd like to see evidence of it.
    • Carl31
    • By Carl31 13th Nov 18, 4:11 PM
    • 2,276 Posts
    • 5,440 Thanks
    Carl31
    The section on Why we pay income tax is completely, and utterly wrong.
    This is a shocking piece of work and I will be contacting the publishers and creators of this textbook to rectify.

    It says
    "Today, Income Tax is the biggest individual source of income for the
    government and accounts for nearly 25% of government income. This,
    together with the income the government raises from other sources, is
    used to pay for all the various areas of government spending.
    Examples of government spending include:
    • Provision of State Pensions,
    low income support and
    Jobseeker’s Allowance
    • The National Health Service
    (NHS) – building hospitals,
    providing treatment and paying
    doctors and nurses
    • Spending on schools, colleges
    and universities
    • The Armed Forces – keeping
    the Army, Navy and Royal Air
    Force up to date with the latest
    technology, and paying the
    salaries of our military personnel
    • Local councils – providing
    services such as emptying your
    rubbish bins, cleaning the
    streets, etc.
    All of these services, and many more, are paid for by the government and
    to do so they must use the income that they receive from taxation. Not just
    Income Tax but also National Insurance, Value Added Tax (VAT), Council Tax,
    taxes on business profits, vehicle tax, and taxes on alcohol, cigarettes, etc"

    That simply is not true. None of that is.

    Taxes Do not Fund government spending. Government spending is part of the national GDP calculation, and government spending is another way of saying Someones income.
    When you pay your taxes, it doesn't get redirected to pay for some service. It goes back to the HM treasury and offsets a credit balance at the BoE.

    In much thesame way when you take out a personal loan with a bank, the Bank creates a deposit account on its liability side and a loan account on its asset side - and the money is created, out of nothing. They are accounting entries.

    The BoE themselves published in 2014 a document explaining how this actually works, and how new money is created.

    Taxes are used to redistribute wealth, to incentivise certain behaviours, and to take money out the economy to control inflation.

    They are not used to fund government services. If anyone can find my proof that Taxes are literally redirected to then pay for public services, I'd like to see evidence of it.
    Originally posted by hiohaa
    this is a book aimed at school children, not trainee accountants.

    Fundamentally its correct even if the technical aspects of the accounting have been diluted. In the same way we explain to children babies come from mummys tummy, we dont need to explain ovulation, wombs and all the other bits
    • hiohaa
    • By hiohaa 13th Nov 18, 5:48 PM
    • 31 Posts
    • 1 Thanks
    hiohaa
    this is a book aimed at school children, not trainee accountants.

    Fundamentally its correct even if the technical aspects of the accounting have been diluted. In the same way we explain to children babies come from mummys tummy, we dont need to explain ovulation, wombs and all the other bits
    Originally posted by Carl31
    But its not just about technical accounting. Its not even about dilution.
    Its just wrong.
    And its far more fundamental then what you're making out, because it dictates the whole farcical political debate around whether we can afford public services, or free education, or free anything.
    • zagfles
    • By zagfles 13th Nov 18, 6:41 PM
    • 13,535 Posts
    • 11,493 Thanks
    zagfles
    The section on Why we pay income tax is completely, and utterly wrong.
    Originally posted by hiohaa
    Of course it isn't.
    This is a shocking piece of work and I will be contacting the publishers and creators of this textbook to rectify.
    Yeah, good luck with that. Let us know how you get on.
    It says
    "Today, Income Tax is the biggest individual source of income for the
    government and accounts for nearly 25% of government income. This,
    together with the income the government raises from other sources, is
    used to pay for all the various areas of government spending.
    Examples of government spending include:
    • Provision of State Pensions,
    low income support and
    Jobseeker’s Allowance
    • The National Health Service
    (NHS) – building hospitals,
    providing treatment and paying
    doctors and nurses
    • Spending on schools, colleges
    and universities
    • The Armed Forces – keeping
    the Army, Navy and Royal Air
    Force up to date with the latest
    technology, and paying the
    salaries of our military personnel
    • Local councils – providing
    services such as emptying your
    rubbish bins, cleaning the
    streets, etc.
    All of these services, and many more, are paid for by the government and
    to do so they must use the income that they receive from taxation. Not just
    Income Tax but also National Insurance, Value Added Tax (VAT), Council Tax,
    taxes on business profits, vehicle tax, and taxes on alcohol, cigarettes, etc"

    That simply is not true. None of that is.

    Taxes Do not Fund government spending. Government spending is part of the national GDP calculation, and government spending is another way of saying Someones income.
    When you pay your taxes, it doesn't get redirected to pay for some service. It goes back to the HM treasury and offsets a credit balance at the BoE.
    You mean a bit like when you spend on your debit card, it offsets a credit balance in your current account. Right...
    In much thesame way when you take out a personal loan with a bank, the Bank creates a deposit account on its liability side and a loan account on its asset side - and the money is created, out of nothing. They are accounting entries.
    No money is created. Well, not "real" M0 money anyway.
    The BoE themselves published in 2014 a document explaining how this actually works, and how new money is created.

    Taxes are used to redistribute wealth, to incentivise certain behaviours, and to take money out the economy to control inflation.

    They are not used to fund government services. If anyone can find my proof that Taxes are literally redirected to then pay for public services, I'd like to see evidence of it.
    I'm sure there's a youtube video explaining it all.
    • diggingdude
    • By diggingdude 13th Nov 18, 7:43 PM
    • 430 Posts
    • 581 Thanks
    diggingdude
    Listened to Martin on the radio the other day about this, I commend any attempt to try and improve the knowledge of our children. As a social worker i come into contact regularly with parents/young people who have absolutely no clue and this will help them, even in later life I think. Hopefully the teachers will be able to understand the teachers guide.
    House Deposit - Target £20000 April 2019
    Current Savings - £10225 13121.22 £14621.22 £16021 £17296£15171 £15971
    • lwaldram
    • By lwaldram 15th Nov 18, 4:21 PM
    • 1 Posts
    • 0 Thanks
    lwaldram
    My school has not received any books?
    Hi I work for a state-funded SEN school in England. I read about Martin giving away these books to schools and was excited as they sound perfect for the kids at my school, and would fit well with the Work Skills curriculum we teach. However we have as of yet not received any books. Who can I contact to talk about this and get our books?

    Thanks
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