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Financial Education in Schools
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Fife Clive
Posted: 12 December 2021 16:57:25(UTC)
#91

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Tim D;199039 wrote:
Metro does one of those sad but fascinating "lottery winners who lost it all" articles:
https://metro.co.uk/2021...n-the-lottery-15751496/
(or https://archive.md/LgOP6 it it nags you about your adblocker).



It seems to be summed up by:

“I was taking too much money out of the pot. It wasn’t sustainable over a long period of time“

We know on these forums that while even £10m is a lot of money it really represents a ‘safe withdrawal’ of under half a mill a year (gross) which is certainly enough for a very high standard of living but not for the millionaire lifestyle that people are sold a dream of. I work with people who earn that much and still live hand to mouth keeping their lifestyle afloat. I expect the happiest lottery winners are those who stayed in work.
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Tim D on 12/12/2021(UTC)
King Lodos
Posted: 12 December 2021 17:23:28(UTC)
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‘In the daytime, I would sit around, read the paper and watch Homes Under the Hammer,’ he remembers. ‘I had all this time on my hands and I did nothing with it. I just became quite lazy. I wasn’t looking after myself.

"The real tragedy of the poor is the poverty of their aspirations."
– Adam Smith

There was that social experiment, documented in the film, Reversal of Fortune, where they gave a homeless man $100,000 .. and within 6 months he was broke and back on the streets.

The Left tend to hate these examples – because it implies that wealth isn't simply about 'privilege', and poverty isn't about not getting chances .. It seems there are people who are basically wired to make bad decisions – and even giving them £1m doesn't really improve things .. So how they expect 'wealth redistribution' to work.
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Steve U on 12/12/2021(UTC), Tim D on 12/12/2021(UTC), Dexi on 13/12/2021(UTC)
Steve U
Posted: 12 December 2021 17:43:07(UTC)
#93

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King Lodos;199051 wrote:
‘In the daytime, I would sit around, read the paper and watch Homes Under the Hammer,’ he remembers. ‘I had all this time on my hands and I did nothing with it. I just became quite lazy. I wasn’t looking after myself.

"The real tragedy of the poor is the poverty of their aspirations."
– Adam Smith

There was that social experiment, documented in the film, Reversal of Fortune, where they gave a homeless man $100,000 .. and within 6 months he was broke and back on the streets.

The Left tend to hate these examples – because it implies that wealth isn't simply about 'privilege', and poverty isn't about not getting chances .. It seems there are people who are basically wired to make bad decisions – and even giving them £1m doesn't really improve things .. So how they expect 'wealth redistribution' to work.



Yes, Morgan Housel's The Psychology of Money book covers this and is a brilliant read.

https://www.amazon.co.uk...happiness/dp/0857197681


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King Lodos on 12/12/2021(UTC)
TheWurzel
Posted: 12 December 2021 17:54:42(UTC)
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"He brought cars, trips, nice clothes and gadgets".

There's always the journalism option once they've blown their winnings I suppose.

It's not too surprising that many lottery winners are poor with money considering they did the lottery in the first place.
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Keith Cobby on 12/12/2021(UTC), Tim D on 12/12/2021(UTC)
ANDREW FOSTER
Posted: 12 December 2021 18:29:40(UTC)
#95

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I can imagine what would happen when the wokies got hold of this..

Lesson 1: Universal Basic Income and how it will work

Lesson 2: How the rich stole your money, once they were stopped from selling slaves.

Lesson 3: The myth of Benefit Fraud and how to claim Tax Credits

Lesson 4: Your Entitlements: How to protest about other people that aren't as lazy as you.

Lesson 5: How to be well off by having lots of kids..... (Maybe that should be in Biology)
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Dexi on 13/12/2021(UTC), alan thompson on 15/01/2022(UTC)
Andrew59
Posted: 13 December 2021 18:46:28(UTC)
#96

Joined: 20/10/2020(UTC)
Posts: 532
Financial education should be taught in schools - it is so important in everyday life.

To do that either the school day has to extend, or some existing subject has to be dropped or individual lessons shortened.
Additionally teachers would need to be trained and suitable materials made available.

Personally I'm not close enough to know exactly what is being taught in schools to know what could be cut. Every subject teacher would defend their subject but I could imagine combining sciences, grouping humanities or maybe having 'half subjects'.

Many in the education system know that things need to be more relevant to the real world but are powerless to change things. I can't see it getting any easier.
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King Lodos
Posted: 13 December 2021 19:27:37(UTC)
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I think the education system's made the choice not to teach investing, money management, self-employment, etc. right from the beginning.

The state school system is only about 200 years old, and was designed to provide factory owners with "docile, agreeable workers who would show up on time and do what their managers told them."

Much of this education, however, was not technical in nature but social and moral. Workers who had always spent their working days in a domestic setting, had to be taught to follow orders, to respect the space and property rights of others, be punctual, docile, and sober. The early industrial capitalists spent a great deal of effort and time in the social conditioning of their labor force, especially in Sunday schools which were designed to inculcate middle class values and attitudes, so as to make the workers more susceptible to the incentives that the factory needed.
– economist Joel Mokyr
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Tim D on 13/12/2021(UTC)
Lex Further
Posted: 14 January 2022 22:45:36(UTC)
#99

Joined: 18/09/2021(UTC)
Posts: 181
Signed. I think i could avoid a lot of mistakes if we would have such a discipline back then. It is very important to educate our kids about how to start a business and what are the most common mistakes all the beginners make. This can be a much valuable subject than few other disciplines.
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bédé
Posted: 15 January 2022 17:31:23(UTC)
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I am a firm believer in education by the parents. Note the plural.

First. Instll interest in learning. No, it came at birth. Better, maintain inbuilt interest in learning.

2. Talk to you child constantly. Both of you.

3. Get them reading before the teachers destroy it.

4. Teach and show politeness and manners.

5. Play number games. Teach times tables by rote.


6, In financial matters, but much later, lead from the front. Set an example. If necessary learn it first yourself.
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Taltunes on 08/08/2023(UTC)
Robert_A
Posted: 28 January 2022 14:08:53(UTC)
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Andrew59;199207 wrote:
Financial education should be taught in schools - it is so important in everyday life.

To do that either the school day has to extend, or some existing subject has to be dropped or individual lessons shortened.
Additionally teachers would need to be trained and suitable materials made available.

Personally I'm not close enough to know exactly what is being taught in schools to know what could be cut. Every subject teacher would defend their subject but I could imagine combining sciences, grouping humanities or maybe having 'half subjects'.

Many in the education system know that things need to be more relevant to the real world but are powerless to change things. I can't see it getting any easier.

My opinion is pupils should learn about the functions and uses of money, budgeting, managing risk, credit and debt, insurance, savings and pensions, financial services and applying maths to financial contexts (such as calculating interest).
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Taltunes on 08/08/2023(UTC)
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