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The book is easy to understand and clearly explains the rights
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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!)
Re: Campaign? Teach Personal Finances in SCHOOL!!!!
"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
The views I express here are mere speculation based on my experience. I am not qualified nor insured to give legal advice and any action you take will be at your own risk.
Re: Campaign? Teach Personal Finances in SCHOOL!!!!
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
Re: Campaign? Teach Personal Finances in SCHOOL!!!!
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.
Re: Campaign? Teach Personal Finances in SCHOOL!!!!
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!!!
Re: Campaign? Teach Personal Finances in SCHOOL!!!!
Originally Posted by 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!!!
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.
Re: Campaign? Teach Personal Finances in SCHOOL!!!!
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.
Any posts submitted here on the Consumer Action Group under the user name GlasweJen may not necessarily be the view of the poster, CAG or indeed any normal person.
I've become addicted to green blobs (I have 2 now) so feel free to tip my scales if I ever make sense.;-)
Re: Campaign? Teach Personal Finances in SCHOOL!!!!
Originally Posted by louis wu
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.
Re: Campaign? Teach Personal Finances in SCHOOL!!!!
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.
Re: Campaign? Teach Personal Finances in SCHOOL!!!!
[quote=Jenschnifer;1335496]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.
Campaign? Teach Personal Finances in SCHOOL!!!!
rates
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Originally Posted by vortex
though it HAS eventually sunk in, 17 years later.
