UK Children 'worried about money' and want finance lessons

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

UK Children 'worried about money' and want finance lessons

Postby AceTutors123 » Tue Sep 11, 2012 10:34 am

Schoolchildren across the UK are worried about money and want personal finance lessons, research suggests.

A survey of 1,001 young people aged seven to 16 found less than half (43%) worried about personal finance.

The Department for Education says it is considering making finance lessons mandatory as part of a wider review.

The study was commissioned by the charities National Children's Bureau (NCB) and Personal Finance Education Group (PFEG).

It also found nearly one in eight (12%) had borrowed money from family or friends they could not afford to repay.

Of those surveyed, 84% felt their school did not do enough to teach them about money matters and 96% believed that every school pupil should be taught to manage their finances.


Full story: http://www.bbc.co.uk/news/uk-england-19397319
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P.S. I don't think our schools have any kind of money management or personal finance sort of modules. Will definitely be good to educate our children early, before they pick up the wrong habits or get the wrong ideas about the stock market. Does your child worry about money?

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Re: UK Children 'worried about money' and want finance lesso

Postby ammonite » Tue Sep 11, 2012 5:03 pm

My son's school had someone coming in to talk to them about needs versus wants. I found the handouts in his bag and was pleasantly surprised. But I don't think it is necessary to worry the kids too much over finances. We talk to them about savings and budgeting, and the importance of saving for a rainy day. Sometimes we talk to them about the economy and the different ways in which people earn a living. But at the end of it all, i find that my kids need to know that we are "okay" and knowing that is important to their sense of security.

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Re: UK Children 'worried about money' and want finance lesso

Postby Laura02 » Tue Sep 11, 2012 5:47 pm

I am part of a group of parent volunteers who run a volunteer run program that teaches basic financial and business concepts called Junior Achievement. It originated in the US, and now conducts programs worldwide, in schools and other educational institutes. The "needs" and "wants" are probably from a module that introduces basic financial decisions pertaining to Ourselves.
I believe that there are other similar programs run in other schools.
This, however, is an entirely volunteer run program, and as such, is totally reliant on volunteers for its success, and donations from the private sector for its ability to continue.
There are modules that go from P1 to JC/ poly. The module called Personal Finance targets teaching the students fundamentals of personal finance. It is targeted at Sec. 3/4 students and introduces simple credit, interest, credit/debit cards, even touches on stocks and shares.
Check out this website : Singapore.ja.org for more info about this program. You may also contact the local JA coordinator if you want to introduce this program in your child's school.

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Re: UK Children 'worried about money' and want finance lesso

Postby AceTutors123 » Tue Sep 11, 2012 5:53 pm

Laura02 wrote:I am part of a group of parent volunteers who run a volunteer run program that teaches basic financial and business concepts called Junior Achievement. It originated in the US, and now conducts programs worldwide, in schools and other educational institutes. The "needs" and "wants" are probably from a module that introduces basic financial decisions pertaining to Ourselves.
I believe that there are other similar programs run in other schools.
This, however, is an entirely volunteer run program, and as such, is totally reliant on volunteers for its success, and donations from the private sector for its ability to continue.
There are modules that go from P1 to JC/ poly. The module called Personal Finance targets teaching the students fundamentals of personal finance. It is targeted at Sec. 3/4 students and introduces simple credit, interest, credit/debit cards, even touches on stocks and shares.
Check out this website : Singapore.ja.org for more info about this program. You may also contact the local JA coordinator if you want to introduce this program in your child's school.


Really glad to know that something is being done. Its great that you volunteer your time Laura! I'm worried about children from the less financially savvy families ammonite =>

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Re: UK Children 'worried about money' and want finance lesso

Postby ammonite » Wed Sep 12, 2012 10:16 am

Well, I think the two most basic ideas that every child should have will be "don't spend more than what you have", and "save for a rainy day".

Even some adults can't do it, so if children can follow these two principles, it's pretty good! Distinguishing between needs versus wants help them to achieve these two. If they can't even achieve these basic ideas in their daily lives, they should not be looking into more complicated financial instruments.

Our children are surrounded by messages to buy and buy, it's a promotion and sale everywhere. They are constantly surrounded by advertisements plastered everywhere - bus-stops, buses, taxis, random walls, notice-boards, even little book fairs and science fairs in school, and not to mention TV and radio.

So I firmly believe the most important basic is still what I detailed above. Many adults can read the interest rates and all, they know about credit and debit, BUT BUT they do NOT want to know the stark reality of their financial situation because instant gratification is so...gratifying (my English just failed me, hahaha).

If a child can learn to plan or wait for a coveted item, that is a good lesson for the rest of his life. If he can't do that, no calculators can help him.

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Re: UK Children 'worried about money' and want finance lesso

Postby AceTutors123 » Wed Sep 12, 2012 10:44 am

ammonite wrote:Well, I think the two most basic ideas that every child should have will be "don't spend more than what you have", and "save for a rainy day".

Even some adults can't do it, so if children can follow these two principles, it's pretty good! Distinguishing between needs versus wants help them to achieve these two. If they can't even achieve these basic ideas in their daily lives, they should not be looking into more complicated financial instruments.

Our children are surrounded by messages to buy and buy, it's a promotion and sale everywhere. They are constantly surrounded by advertisements plastered everywhere - bus-stops, buses, taxis, random walls, notice-boards, even little book fairs and science fairs in school, and not to mention TV and radio.

So I firmly believe the most important basic is still what I detailed above. Many adults can read the interest rates and all, they know about credit and debit, BUT BUT they do NOT want to know the stark reality of their financial situation because instant gratification is so...gratifying (my English just failed me, hahaha).

If a child can learn to plan or wait for a coveted item, that is a good lesson for the rest of his life. If he can't do that, no calculators can help him.


True true, delayed gratification is indeed important! Actually I saw from the results of a study a long time ago that Singapore's culture is rated quite highly on the scale of "fore-sightedness". Could be the direct influence of LKY. I hope this mentality gets passed down well into the future.

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