topic Re: Two In Three Brits Say Schools Should Teach "Money Management" in Community Spirit

Two In Three Brits Say Schools Should Teach "Money Management"

bidicus*maximus — Thu, 06 Aug 2020 20:54:25 GMT

https://finance.yahoo.com/news/two-in-three-brits-say-schools-should-teach-money-management-145625234.html

My parents taught me... and quite well, but the schools here in the US could also do a far better job of teaching folks how to be responsible.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

chameleon54 — Thu, 06 Aug 2020 23:17:40 GMT

Disclaimer - I have worked in the public education sector in several different roles for around a decade and also have two children who have just completed school, the youngest finishing last year. A large number of my extended family also work in education, with one extended family member, up until recent retirement, having one of the most senior roles in our states education system, regularly appearing in the media as a spokesperson for the sector.

Australian public schools like the public broadcaster have been taken over by the left and spend too much time teaching themes such as the LGBTXYZ and no time at all on important life basic skills such as managing money, ( right wing stuff ) buying a home ( right wing stuff ) or how look after yourself by showing some entrepreneurship and starting up and running a business ( right wing stuff ). The education system has a very strong bias towards pushing students towards university ( left wing bias ) on the understanding that " that will get you a better job " never considering or teaching that many young people could start their own job and employ others rather than relying on large businesses or governmernt to employ them. ( left wing bias )

The result is, no matter how much money governments throw at education, literacy and numeracy skills continue to fall and Australia's education standards are now some of the lowest when compared to other developed, international countries.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

rogevibe — Fri, 07 Aug 2020 00:11:53 GMT

@chameleon54 wrote:
Disclaimer - I have worked in the public education sector in several different roles for around a decade and also have two children who have just completed school, the youngest finishing last year. A large number of my extended family also work in education, with one extended family member, up until recent retirement, having one of the most senior roles in our states education system, regularly appearing in the media as a spokesperson for the sector.

Australian public schools like the public broadcaster have been taken over by the left and spend too much time teaching themes such as the LGBTXYZ and no time at all on important life basic skills such as managing money, ( right wing stuff ) buying a home ( right wing stuff ) or how look after yourself by showing some entrepreneurship and starting up and running a business ( right wing stuff ). The education system has a very strong bias towards pushing students towards university ( left wing bias ) on the understanding that " that will get you a better job " never considering or teaching that many young people could start their own job and employ others rather than relying on large businesses or governmernt to employ them. ( left wing bias )

The result is, no matter how much money governments throw at education, literacy and numeracy skills continue to fall and Australia's education standards are now some of the lowest when compared to other developed, international countries.

Due to lack of personal innovative motivation (left wing bias)

Re: Two In Three Brits Say Schools Should Teach "Money Management"

domino-710 — Fri, 07 Aug 2020 00:24:32 GMT

A massive survey of 1,002 Brits.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

springyzone — Fri, 07 Aug 2020 01:38:22 GMT

I worked in schools for many years but in the lower primary sector, so it was a bit early to be teaching about managing money or home buying. We were more focused on teaching recognition of coins, working out change etc

But one thing some of the teachers in the higher classes did focus on was things such as % and looking at what would happen to a sum of money if, for example, you gambled it and got back eg 80% each time. Children soon worked out that eventually there would be none left. I think that is the beginning of some life skills if children can take it on board that all pokies and lotto systems are weighted in favour of whoever runs them.

I agree that teaching money skills would be useful in the secondary sector.

I do have some concerns with the way education is going. Teachers quite often have what is termed a dominant 'creative' personality. They are often big picture people, so they will be running with some of the latest trends. Sometimes ahead of the latest trends in thinking. In the process, I think they sometimes lose sight of some of the fundamentals.

One huge focus has been on ditching the teaching of 'facts' and developing the personaility to be 'resilient' and able to cope with a changing world etc.

My daughter was teaching in a school (primary) where the vice principal actually stated that it didn't matter so much what was taught as long as the kids were engaged and enjoying themselves.

I was in a school where there were some awards made yearly (with money attached to them-$500, $300, $200) and those were given in Year 6 but not necessarily attached to academic excellence or effort as such.

Me-I think the pendulum has swung too far and too much time was spent on 'circle time' and soft stuff and not enough on hard academic application.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

myoclon1cjerk — Fri, 07 Aug 2020 02:35:27 GMT

That's right, folks. If you happen to know someone who can't manage their money, blame the gays, lesbians and whoever is leading the Labor Party at the moment.
All those who recently cleaned out their super funds (courtesy of the Liberal Party) must all be ABC viewers. It's high time we abolished that leftie savings scheme.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

zanadoo_56 — Fri, 07 Aug 2020 03:29:55 GMT

I think teaching money management in secondary school is a great idea.

Rather bizarrely, in 6th class (primary school) the Commonwealth Bank who used to come to the school so kids could put money in their passbook accounts, organised a visit to teach the class how to write cheques! We were each given a mock up cheque book with 5 cheques and were all taught about when to use them, how to fill one out etc. I never owned a cheque book but one fact I remembered came in handy years later. I discovered a cheque I forgot to cash in and it was from the previous year. Then I remembered the class and being told cheques were good for a year and a day. Guess how long I'd had the cheque? 🙂 I went to the bank that day and sure enough got my money.....so the lesson was usefull after all.

My parents didn't deliberately teach me to manage money per se, but I kinda absorbed what they did - which apart from the mortgage was basically to save up and pay cash. Keep it simple I guess. So that's what I have done for most of my life. I briefly owned a loan card because I was told it was a good idea to build up a credit rating, but I was so far ahead on the payments that the company knocked 6 months off the loan period that they immediately put me in arrears. I was so disgusted with this that I went to their office the day I got the statement and paid off the loan in full. I haven't owned a credit card since.

I love my one and only debit card - if I don't have the money in the bank to buy something I save up or do without. My policy is simple - try and save some money every pay. Big or small it doesn't matter as long as it is something. Also, if possible create a separate account and have money automatically alotted to it. This is the Emergency Account - not to be touched for day to day stuff. I started off putting $40 a fortnight into it and gradually increased the amount over many years to $100 a fortnight. Now I am living on my superannuation the alotments have stopped, but the interest the account earns keeps it ticking over.

If these simple steps could be taught at secondary schools personal debt would hopefully not be such a big problem.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

davidc4430 — Fri, 07 Aug 2020 03:38:36 GMT

Re: Two In Three Brits Say Schools Should Teach "Money Management"

davidc4430 — Fri, 07 Aug 2020 03:40:15 GMT

Re: Two In Three Brits Say Schools Should Teach "Money Management"

lionrose.7 — Fri, 07 Aug 2020 10:59:26 GMT

Gee we got pocket money and knew how to handle it, was also taught maths in school.

Mum used to have a jar for every thing, one for the power bill and so on, she used to let me count it.

Even being slightly dyslexic a was alway good at Math

Re: Two In Three Brits Say Schools Should Teach "Money Management"

not_for_sale — Fri, 07 Aug 2020 11:50:41 GMT

Why would they need to learn about money management when most parents of the kids, teenagers and young adults pay for everything anyway. They really need to learn how to get off their backsides and get a life.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

davewil1964 — Fri, 07 Aug 2020 12:15:27 GMT

I believe that a sample of around 1,000 will be statistically relevant.

I was once asked to do an employee survey. My boss claimed that as only 70 people had responded it wasn't statistically relevant. As he was an engineer, he was fully aware that a 90% response rate of 100% of the target population was indeed statistically relevant. He just didn't like the answers.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

springyzone — Fri, 07 Aug 2020 23:45:01 GMT

@not_for_sale wrote:
Why would they need to learn about money management when most parents of the kids, teenagers and young adults pay for everything anyway. They really need to learn how to get off their backsides and get a life.

I think some basic information would be useful. For example, working out how interest rates work and how paying a little more on the principle will have a big effect on the total amount paid. Or even something as basic as how to save some money, choices on where to put it, how to open an account, different types of bank accounts etc

We assume some things are common knowledge but they aren't, always.

Parents are probably the biggest influencers though.

If children grow up in a household where no one saves or invests or where parents are constantly in debt or where there is no work ethic, then they could end up doing the same.

I can recall years ago, the teen son of a friend was talking about various share prices. He was only about 15 but quite familiar with buying/selling shares and he got that off his parents. He was of average intelligence and in fact a couple of years behind in reading comprehension but he is flying high now (literally) because of the training & support he got at home.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

zanadoo_56 — Sat, 08 Aug 2020 04:42:14 GMT

@not_for_sale wrote:
Why would they need to learn about money management when most parents of the kids, teenagers and young adults pay for everything anyway. They really need to learn how to get off their backsides and get a life.

Did you mean get a job?

That's not enough. If the parents pay for everything then some kids are not going to have a clue what stuff really costs any maybe they won't get the idea you can't have everything you want right away without consequences.

I've seen 20-somethings interviewed on TV - they have jobs and they live independently of their parents.....and they don't have a pause and think switch when it comes to purchasing. Some have multiple plastic cards...and they are maxed out. So they are working and up to their necks in debt and only in their 20s. Some of them when asked about it just laugh and shrug.

I wonder now that with the loss of jobs due to COVID how many now realise their house of (plastic) cards is about to come down.

Re: Two In Three Brits Say Schools Should Teach "Money Management"

twyngwyn — Sat, 08 Aug 2020 10:13:56 GMT

Robert Kiyosaki 2019 - The Speech That Broke The Internet!!! KEEP THEM POOR!

https://www.youtube.com/watch?v=azq0S0DKS50