Campaign? Teach Personal Finances in SCHOOL!!!!

[illonavamp]

You know, I say this to anyone who'll listen; I'm not sure whether this happens in schools these days but kids really need to be TAUGHT about

 

- personal finances

- credit

- interest rates

- debt

 

I had a bank account when I was in school and by the time I left I had been allowed to go overdrawn before I even knew what "overdrawn" meant!!

 

So, do you think kids should be taught something about the BASIC money management, dangers of credit cards, loans, how easily debt can spiral out of control, and the consequences? These are REAL skills in my humble opinion.

 

I've always thought we tend to start blind with this stuff. I certainly did (and am still in a right mess!)

[postggj]

I Agree

When I Left School I Never Even Heard Of Cra

[Guest louis wu]

Do you not feel that this is one of those things that parents should have the responsibility of teaching their kids about?

[postggj]

With Out A Doubt

But We Are Talking A Different Generation In My Case

Dont Know About Now Though

[Guest vortex]

Can anyone who is a teacher confirm that this is part of the National Curriculum? I think it is Key stage 3 or 4.

[pt2537]

Maybe educating the lenders to act responsibly would be an idea toooo

[indebtstudent]

"Do you not feel that this is one of those things that parents should have the responsibility of teaching their kids about?"

 

Yes it is. BUT I recall reading somewhere recently a statement from the government saying the best way for a family to avoid poverty is for both parents to work. With the current lifestyle I really do think something has got to give.

 

They also used to teach useful skills in schools like how make and fix things or how to cook. Granted there were equality issues there but why not show everyone both then they can't claim they weren't shown...

 

Or is that a CRAZY idea?

 

The status quo seems you be both parents work thier asses off as soon as they can arrange care for the child. Child gets involved in an education system which IMO cares more about exam results than teaching people skills which will help them in later life. With the best will in the world people struggle to keep an eye on thier kids so (this is a very short biased story you understand) some of them get invovled in crimes etc. They get lots of warnings and get sent to jails that are so full there's really nothing to do.

 

They come out and repeat the process. Or maybe I'm too cynical

[Guest louis wu]

My reading of the OP was it should be the schools responsibility (sorry if I have it wrong). My thinking is that parents have a responsibility to teach their children the value of money, and the dangers that await them in later life.

 

 

The status quo seems you be both parents work thier asses off as soon as they can arrange care for the child. Child gets involved in an education system which IMO cares more about exam results than teaching people skills which will help them in later life. With the best will in the world people struggle to keep an eye on thier kids so (this is a very short biased story you understand) some of them get invovled in crimes etc. They get lots of warnings and get sent to jails that are so full there's really nothing to do.

 

a short biased story that doesn't make much sense and doesn't have a lot to do with the OP

[Guest vortex]

I will ask again with regards to teaching in schools. Is it part of key stage 3 or 4 in current school curriculum?

 

I think it is already part of the curriculum in schools already.

[Guest louis wu]

I will ask again with regards to teaching in schools. Is it part of key stage 3 or 4 in current school curriculum?

 

I think it is already part of the curriculum in schools already.

 

I'm sure you can find out here

 

Search

[Guest vortex]

I did look here

Curriculum Online

It was not clear which is why I suggested that a teacher could confirm or correct me.

[Guest louis wu]

It looks to me as if it's part of key stage 3 and 4

 

not many people look in campaign, so you may have trouble finding a teacher that reads this thread

[Guest vortex]

I would hope that the title in itself would attract teachers but as you said maybe it is in the wrong section for a response directly

[illonavamp]

Yes I agree to some extent it IS the parents responsibility to teach a kid the value of money. What things cost, how to save for something you want, I agree (and was taught all of that).

 

But by time I left school I was having credit card applications shoved in my face at every store, having loans offered to me etc etc. I have to say that ultimately I WAS responsible for that, but don't remember having any idea of the consequences of JUST HOW MUCH financial debt I COULD get into.

 

It didnt occur to me at the time to ask my parents what DR meant, what an apr was, or a CCJ. Though I do remember them warning me about cards it just didn't make me stop and think 'hmmm maybe I should do some sums'.

 

I dont know whats missing, maybe it's a combination of things. Mayeb I was just one of those thickies. though it HAS eventually sunk in, 17 years later.

[tasty_tang0]

I think that given the fact we live in a very materialistic world, it is an appreciation of different social classes which may have more of an impact than personal finances.

 

Whilst you have Loan sharks and the likes operating on the lower financial bracket of families, you can teach a child as much as want about personal finances, but you must remember this does not address or reflect the problems lower financial environments bring, as my mother could only survive by relying on these loan sharks.

 

Inflation doesn't refelct the cost of living so perosnally i think it would be floggin a dead horse!!!

 

[Guest louis wu]

I think that given the fact we live in a very materialistic world, it is an appreciation of different social classes which may have more of an impact than personal finances.

 

Whilst you have Loan sharks and the likes operating on the lower financial bracket of families, you can teach a child as much as want about personal finances, but you must remember this does not address or reflect the problems lower financial environments bring, as my mother could only survive by relying on these loan sharks.

 

Inflation doesn't refelct the cost of living so perosnally i think it would be floggin a dead horse!!!

 

 

 

surely you agree that children (and most adults) need educating in personal finance, and it is the job of both parents and schools to do their best to prepare them for whats in store in the big wide world.

 

To say sod it will only make matters worse

 

louis

[GlasweJen]

I learned personal finance in school. The Scottish Standard Grade in Administration (taken by 15 - 16 year olds) requires a knowledge of the data protection act, consumer credit act and calculating compound interest using a spreadsheet programme.

 

In maths we learned about depreciation values in cars, how to calculate APR, how to calculate how long it would take to pat off a mortgage of value y at percentage x and how to work out how long it would take to pay off credit card debt at a fiver a month.

 

In home economics we learned about priority debts, money saving about the house and general "how to make something last for more than a week". We also had to go out and find out about bank accounts, savings accounts, ISAs and shares.

 

It could have done with a bit more integration overall but if you went to high school in scotland between 1998 and 2004 and you join the dots between the "bits" you learn then you find that you know more about this sort of thing than you thought you did.

[tasty_tang0]

surely you agree that children (and most adults) need educating in personal finance, and it is the job of both parents and schools to do their best to prepare them for whats in store in the big wide world.

 

To say sod it will only make matters worse

 

louis

 

hey louis,

 

I'm not saying sod it because it is an important point of surviving, I'm merely saying that managing money doesn't just depend on knowledge. Experience, circumstances, social or economic class, support, peer pressure, health, status, etc etc etc are all factors linked to how you manage money, do you know where I'm coming from on this?

 

Common sense is the biggest winner when managing finance, and as we all develop at a different level all I'm saying is to home in on just this part of life is a little tunnel visioned...

 

Personal Finance is subject to change in everyones life at some point, so I'm not sure how much you could teach in terms of this subject.

 

[Guest louis wu]

Common sense is the biggest winner when managing finance, and as we all develop at a different level all I'm saying is to home in on just this part of life is a little tunnel visioned...

 

I think that's what it's all about, along with knowing and understanding the consequencies of getting it wrong.

 

There are other points though, APR's and general interest, probably best taught in school.

 

What happens if you lose your income and still have to pay a loan, both school and parents

 

etc...the list goes on.

 

I do agree with the basics of your post, but feel there is plenty to be gained from a little teaching in this area.

 

louis

[tasty_tang0]

I learned personal finance in school. The Scottish Standard Grade in Administration (taken by 15 - 16 year olds) requires a knowledge of the data protection act, consumer credit act and calculating compound interest using a spreadsheet programme.]

 

In terms of the consumer credit act, you are fortunate as I never got taught anything about this and I think it is essential for children to be informed of what their statutory rights are...As so much money is gained by the retailer/trader due to people not knowing they have entitlements.

[tasty_tang0]

I think that's what it's all about, along with knowing and understanding the consequencies of getting it wrong.

 

There are other points though, APR's and general interest, probably best taught in school. As I mentioned Loan Sharks prey on vunerable people who have a low income, if a person gets refused a loan from a bank e.g. this may be the only option a person has, having gained knowledge in school this plays little significance if encountered with such a hurdle.

 

What happens if you lose your income and still have to pay a loan, both school and parents

 

etc...the list goes on.

I agree, louis, as I am a living example of losing my income and having to pay my loans, mortgage and CC's etc. Life thows some unfortunate blows sometimes, and with all due respect the most organised person can falter with the highest of knowledge about finances...

 

I do agree with the basics of your post, but feel there is plenty to be gained from a little teaching in this area.

 

louis

 

I think it is a shame money makes the world go round, as 3rd world countries to me have a deeper experience of life other than money, soz going a bit to deep now aint I. Shut up I think I've been tango'd

[Guest louis wu]

I think we are somehow managing to agree without quite getting round to saying it.

 

It's a minefield, and we all have the prospect of having the rug pulled from under us without any fault of our own.

 

Life thows some unfortunate blows sometimes

 

that my friend is very true

[GlasweJen]

Lol tango, my sister is studying the CCA just now and it's doing her head in, i had to show her posts on here before she saw how relevant it actually was to real life. I keep telling her she'll be grateful for it one day.

 

Incidentally my parents have always supplemented the school stuff with real life stuff, we've all had an account with the credit union since day dot and the lady who runs it used to live next door to my granny, if we ever needed advice on loans or whatever she's always willing to advise on anything my parents can't help with. In context to where I grew up the credit union does more business than the bank when it comes to loans. There are signs in the local shops advising to visit CU if there are money problems and we've all heard of someone or other being stabbed over money owed. It's a horrible world but if there's a route out of that then I think that society in general, not just schools and not just parents, should give lessons on how to survive in a money-fuelled country.

[tasty_tang0]

It's a horrible world but if there's a route out of that then I think that society in general, not just schools and not just parents, should give lessons on how to survive in a money-fuelled country.

 

To true Jen,

 

thing is, I don't think society has the inclination to pull together, in our society individuality is promoted more than anything else now! The traits of loving thy neighbour, leaving keys in the door etc etc is long gone...

 

Each time our country meets a new problem, e.g asylum seekers (not the genuine cases) this brings with it another way of surviving, as we are a continually evolving nation ways on how to survive change, thus so do surving tactics..

 

As I say give me third world any day, I would be more than happy in a mud hut! Survival in these terms is purely about quality of life not quantity, wouldn't you agree Jen

[GlasweJen]

I lived in a mud hut in Tanzania for a month. That lifestyle has all sorts of other problems and I wouldn't swap for all the tea in china. It was interesting to see how others lived but the poverty-related crime in these countries is overlooked by the BBC making them out to be poor unfortunates who sit about and wait to die of starvation - this couldn't be further from the truth.