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Brace yourself - Financial Education is on its way!

Discussion in 'Mathematics' started by DM, Dec 6, 2011.

  1. DM

    DM New commenter

    The Report of the APPG for the Financial Education for Young People will be published on Monday 12th December and there will be a debate on compulsory financial education in schools in the main chamber of the House of Commons on Thursday 15th December at 3 p.m.
    [​IMG]
    Justin Tomlinson and Andrew Percy hanging out with Carol. What an impressive pair.
     
  2. DM

    DM New commenter

    The Report of the APPG for the Financial Education for Young People will be published on Monday 12th December and there will be a debate on compulsory financial education in schools in the main chamber of the House of Commons on Thursday 15th December at 3 p.m.
    [​IMG]
    Justin Tomlinson and Andrew Percy hanging out with Carol. What an impressive pair.
     
  3. Karvol

    Karvol Occasional commenter

    That is very juvenile of you DM.
    You made them look like a right pair of ****.
     
  4. Naughty boy DM.

    This may sound silly, but could somebody please explain to me why Carol Vorderman is the government's go-to person on all things mathematical? Have I missed something? Yes she's good at mental/written arithmetic because she's had a huge amount of practice, but what does she know about mathematical pedagogy?
    I don't want to be facetious, but I feel I must have missed something?!?
     
  5. Piranha

    Piranha Star commenter

    When I started work in investments, I was shocked to find that, despite a Maths degree, I had to be taught how to calculate a prospective return. Perhaps a little more financial education would be a good thing at all levels.
    I agree with atics, though.
     
  6. I do agree that financial education has a place in the curriculum, but I still have reservations about children's capacity to understand something which is so far removed from their lives. Educating about credit cards, car loans, mortgages, investments etc can be difficult when they don't understand the value of money or the particular circumstances they will find themselves in when older.
     
  7. Anonymous

    Anonymous New commenter

    As part of my tutoring,I've talked to my tutees about "Where money comes from", "How to get a house" etc. Fascinating conversations - especially about the house. I do think it's really important to talk to children about money and the value of it - especially at the moment.
     
  8. PaulDG

    PaulDG Occasional commenter

    We already teach them about compound interest, financial education is little more than "functional skills" wrapped round that single topic.
    Those who can't recognise that (which is, I agree, about 99% of the population) aren't ready to engage with "financial education".
    It's something that needs to be tackled when they leave school and it suddenly becomes a lot more relevant.
    Perhaps the answer is that banks should not be allowed to sell products to anyone who does not have a Level 1 certificate in "functional financial skills"? That would both create a desire on the part of teenagers to actually get the certificate and the banks would fall over themselves to resource teaching it!
     
  9. The idea of "financial education" has obviously reared its ugly head since the national levels of personal debt soared past 170% of GDP.
    The better idea would be that banks stop lending to people who cannot pay the money back and that these "pay-day lenders" are regulated out of the system. It doesn't matter if you teach them about loans etc, when an APR of 2317% as seen on TV tonight doesn't make much sense to anyone (okay, we as teachers can do the simple arithmetic and show them numbers, but these loans are not meant for long-term borrowing purposes).
    It was not a lack of education that made personal debt soar, but borrowing became too easy to source. That is most likely to change anyway.
    So, whilst I'm fine with financial education, I see it as a strand of PSHCE rather than maths.
     
  10. DM

    DM New commenter

    Your view differs from that of the APPG then.
     
  11. I agree with brambo to a certain extent.
    We should obviously teach calculating interest etc as part of maths. But I bet a lot of people who use payday loans KNOW that in the long term they are phenomenally expensive solutions, but when they take them out, they plan to pay them back sooner than they end up doing in reality.
    This is where the PSHE education comes in: budgeting and making the right decisions etc.
     
  12. I saw some nice materials last year, PFEG, I think and I'm not sure but I think they were free. Resourcing things can be an issue, I just hope we don't need to wait for the next round of glossy textbooks to get some materials for this!
     
  13. wrldtrvlr123

    wrldtrvlr123 Occasional commenter

    I think the assets that she brings to the table are quite obvious.
     
  14. Instead of this excuse of a thread why didn't you just PM the link to your immature friends.
     
  15. DM

    DM New commenter

    I don't think it is fair to call Justin and Andrew immature just because they got a little starstruck in the presence of a B-list celebrity.
     
  16. Didn't the NCFE do a course on Peronsal Financial Management (or some such title) a few years ago? Couldn't that just be revived and tweaked rather than spending huge quantities of time and cash on reinventing the wheel?

    cyolba, red in tooth and claw :)
     
  17. DeborahCarol

    DeborahCarol New commenter

    Excellent!
     
  18. I'll second that! At the moment, it must be like shooting fish in a barrel for some of the bank staff.
     
  19. Ot would it just herd even more of the vulnerable intot he hands of the payday loan <strike>sharks</strike> companies?
    Perhaps the idea of financial education could replace some of the, ahem, less obviously practical elements of the foundation GCSE specifications? [Ducks and runs for cover]

    cyolba, the still, small voice of calm :)
     
  20. Chazette

    Chazette New commenter

    My Y10s had a Unit 1 mock exam the other week. The first question was 'is money discrete or continous? Give reasons for your answer'. A lot of the answers came back as 'Money just keeps going and going' 'Money never runs out' and my favourite 'You can always get more money if you need to'
    If you look at my bank balance, you can clearly see money definetly does run out!
    My Y9s are currently doing percentages and didnt know what interest was. They also didn't know what VAT was or a mortgage for that matter. We spent the lesson learning about finance instead - the kids were really interested. Ended with a bit of budgeting - I think a few learnt that money definetly does not grow on trees!
    I actually think finance would be a good thing to teach in maths, an hour here and there wouldn't be a bad thing, maybe at the end of the school year? Our school has a few weeks of functional skills in the SOW for keystage 3 in July, so is something to incorporate there.
     

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