My two children were born in mid to late 1980s. Husband worked away a lot of the time, no family support nearby so they had to come shopping with me (no internet shopping then). Every penny counted and the kids knew whatever I could save meant there was money to put by towards a treat /outing for them. They’ve carried forward into their adult lives the skills of checking out offers and ignoring brand names if there is a cheaper suitable alternative. Pocket money (not a lot) was paid once a month into a building society account. They would save this for something they wanted instead of going weekly to the village shop and spending it all on sweets. Other parents laughed at me for doing this.

These basic skills have been built on over time and it has enabled them to purchase their own homes, start pension savings etc which their friends are unable to afford due to having zilch financial skills and wasting a shedload of money.

I’m not bragging, I’m just pointing out how simple it can be to explain basics to children. Surely they could fit basic finance into the curriculum. Think how much better off the children could be if they took these skills into adulthood and built on them. They may even be able to afford a decent retirement.

My Primary School days included savings stamps (which I didn't really understand).

In my teens, I found that one good way to learn the value of money was to have a target to save towards - in my case, a Parker pen which I really wanted instead of the cheap 'almost-good-enough' pens I used at school. I saved for weeks and weeks and finally acquired my Parker pen for about 25/- (£1.25). I kept it for decades, and managed to lose it eventually, which really annoyed me - so I bought a replacement, and then found the first one tucked away in the bottom corner of my briefcase! I now have 2 identical Parker pens of my own, a third one that my father bought me, and now I use none of them because ballpoint pens and computer keyboards seem to have made them redundant in my house. Sad, really!

But it was good training.

All children, with concentrated schooling, can learn to read, write, add up and subtract as long as they have a systematic learning process and a motivational environment. My parents both left school at 14 but they wrote neatly, and you never saw them unable to spell properly, they could do most arithmetic accurately in their head - what they lacked was the wider range of subjects that are available to moden children, but the basics were learned much better. Post-school age learning after work provided the next level (to the extent that my father was teaching me Ohms Law when I was eight and elementary biology using a microscope at about the same age). It was this attitude that got 19th century miners into libraries in their 'spare time', to 'better themselves'. Motivation!!

If you are brought up from age 0 to see that people around you are curious about everything, you soon get in the same habit and learn about everything you come across - this is where many parents get it wrong, and don't enthuse their children with the wonders all around them.

Nothing wrong with a wistful moment on a Monday morning, MR (and Alan S)... As a child I was fascinated by the moon and can remember saving up for a moon globe which had pride of place in my bedroom for years (sadly lost now).

Agree about the basics being taught better in the past. My parents also left school at 14, but they could add up better than me (the numbers segment on Countdown was the highlight of their day!) and saving was an ingrained habit. I think they would both have made good investors but it just wasn't the done thing, which was fine for them because interest rates on cash were reasonable and house prices more affordable. Today's young people face bigger challenges and are armed with fewer skills.

Whilst I support teaching finance in schools as part of applied maths IMO the "problem" is more manifest in adults rather than young people.
It's grown-ups with substantial net assets who seem to be the most vulnerable. One continuously reads about people with substantial final salary pensions being advised to take it out and reinvest in some poorly-performing fund after several middlemen have taken a cut.
Or putting all their financial assets into one fund rather than spreading it about.
Or blindingly following what HF recommend.
And of course elderly people seem to be more susceptible to financial scams.
I wouldn't be surprised if many young people are more financially aware than their parents and grandparents were at their age.
And, of course, young people are significantly more intelligent, on average, than their parents and grandparents.

Sadly I feel we live in a society that has become fixated with having the latest / the best / the must have items as part of a personal arsenal. It comes at a cost. The pressure on children at school is absolutely immense and there’s a fine balance between ‘give and not give’ as a parent.

Does responsibility for financial common sense lay at home? Does it belong in school? For me, it’s not so simple. Like most things, role modelling is a good flag bearer. I don't feel we have many as so much is consumer focused.

I came from a very low income single parent family. I couldn’t go on school trips at primary school. Will never forget kids going to Scarborough for a week! It was horrible but it made me who I am today (when I give to charity it’s always our local food bank).

For a world that has advanced in wealth over the decades I still see an awful lot of people struggling. The notion of saving isn’t contemplated; life is lived hand to mouth. Is this hardship or is it hardship and outlook combined? Breaking the generational cycle takes drive and luck in equal measure.

But we do have choices. My daughter is a competent mid-teen rider and has wanted her own horse for ages (for those that think a dog is a commitment, triple it for a horse). So she got herself a Saturday job. She gets also tips, which all add up (a great lesson is no matter how rude people are always smile - she’s been ‘tipped’ by other watching on for putting up with crap and acting professionally). As a thumbs up for her dedication to getting what she want for every £1 she saves, I add £2.

We have a £5K target (the art of saving). We will do our diligence (the art of selection). We will drive a discount on the purchase (the art of doing the deal). But I hope I’m teaching her well and that life ‘on tick’ is a vicious spiral......