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Suzanne Stocker
Debt Diva Expert



127 Posts

Posted - 07 November 2008 :  10:24:48  Show Profile
I was reading an interview with Martin Lewis the finance guy in the Metro this morning and he was commenting that children are not taught about financial awareness in schools. He was pointing out that children are taught algebra but not about compounded interest on credit cards, and this really struck a cord with me.

Several years ago my stepson asked me 'how do I write a cheque?'. I was dumbfounded as this was something I was taught to do at school in one of my first economics classes in first year of comprehensive school. It just goes to show how unprepared that generation is for dealing with their own financial affairs.

Has anyone else come across a similar gap in childrens financial education?

Suzanne

Melanie Nicholas
Debt Diva Expert



240 Posts

Posted - 07 November 2008 :  11:38:14  Show Profile
I completely agree Suzanne. I have 2 sons aged 18 & 16 and despite all my efforts they have a complete disregard for finances. I have tried to ensure they have had part-time jobs just to show them the value of their money but to no avail. I'm fed up of bailing out my eldest. I was appalled recently to find out he had run up ??350 overdraft - all this on an income of about ??50 per week - the bank gave him a free ??200 overdraft which he immeadiatly spent then went ??25 over the limit, as he was unable to clear, the resultant charges for exceeding the limit run up to ??350. I spoke to the bank who were really unhelpful (no shock there!)when I tried to protest at the sense in giving a ??200 overdraft to someone with a weekend job only I was informed he's 18 and therefore has an automatic overdraft and its about time I let him stand on his own 2 feet!!!!!!
Great advice but its me that had to clear the account to stop further charges. no wonder I have so many people who want advice, it is all so easy to incur debt with absolutely no idea how to rectify it.

Schools should have some kind of financial guidance as part of the curriculum - they don't and its scary!

Melanie Nicholas Insolvency Manager -JonesGiles
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Antonia
New Member



21 Posts

Posted - 07 November 2008 :  20:05:22  Show Profile
I love Martin Lewis. He comes across as a really genuine chap who knows what he is talking about and really cares about people. And he is actually quite good looking as well. I think that he must be very clever to keep an eye on all of those money saving ideas he comes up with.

I think that with youngsters these days, there is a complete misunderstanding of what money actually is. They see their parents use plastic rather than cash, and are brought up believing that money grows on trees or spurts out of holes in the wall. I can remember my grannie having jars on the mantelpiece for housekeeping, insurance, electric etc, and my grandad bringing his wage packet home, and being allowed ??5 for his beer money for the week, with grannie having the rest for the bills. There was very little debt in those days, and I actually think that people were a lot happier.
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skintcat
New Member

30 Posts

Posted - 10 November 2008 :  15:08:51  Show Profile
I agree with what Martin says about children not being taught financial awareness. Which would be a first really!! I find him quite smug and irritating. Did anyone see him avoiding as many questions as possible on the news after he had advised everyone to on his website to take out an icesave account and then the Icelandic bank went pop! Feel terrible for the people that were affected!
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Melanie Giles
Debt Diva Expert



555 Posts

Posted - 11 November 2008 :  20:51:35  Show Profile
The interview with that disabled guy was probably the worst bit of journalism I have ever seen. The interviewer was ill prepared, did not understand his subject matter and Lewis looked completely off guard. Whoever thought up that mix of personalities, and the use of a clearly distressed disabled man to make a television programme beggars belief.

Melanie Giles is a Licensed Insolvency Practitioner with over 23 years experience of helping people to budget more efficiently or resolving their financial difficulties. Melanie is a director of the IVA Advice Bureau, a leading provider of insolvency services with specific experience of voluntary arrangements, debt management and bankruptcy assistance.
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moneybunny
New Member



77 Posts

Posted - 11 December 2008 :  22:36:24  Show Profile
I'm a parent governor and i agree that it should be taught in schools. My kids aged 10 and 7 get pocket money and if they dont have enough for what the want - they simply dont get it. We have money probs and I too do my best to show them the error of our ways. I even let the eldest sit down with me monthly and help me work the money out!! It important for kids to know if parents are skint (as in my day i was forever told as a child 'no we cant afford it!) however nowadays parent just seem to want to make their kids happy and buy them things that they can ill aford,which i have been guilty of, yet in reality kids would just prefer quality time with parents! Admitted it is hard when they are faced with peer pressure, their mates having the lastest toys ect...we parents just want them to fit in and not be ridiculed.

That said..my dad(god bless his soul)told me to get a pension when i was 18...did i? NOPE....he also told me to stay away from credit cards..did i? NOPE....! But if my parents had sat down and shown me how credit cards work and the true cost of them and the reason why they are bad news..would I have listened...who knows but i am gunna try it with my kids.

I persoanlly think no credit cards should be given to anyone until they are 21....18 is just too young.

I remember my first credit aggrement was at iceland many moons ago when they sold appliances. I was 18 and needed a fridge freezer for my flat. I failed the credit score....why...because i hadnt had any loans/credit cards for them to assess me on!!!!! Yet i had no problem getting the right score for a credit card! Its all wrong!
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Carlotta
Starting Member



4 Posts

Posted - 11 December 2008 :  23:37:22  Show Profile
I can remember my Dad getting an Access card years ago - it was treated like a piece of precious silver and only came out occasionally when they wanted to buy something special. These days people have credit cards like packs of playing cards, and I blame the banks for allowing so much debt which causes so much misery.
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moneybunny
New Member



77 Posts

Posted - 12 December 2008 :  00:04:29  Show Profile
Ahhh yes thats the one.....'the flexible friend' i think it was called! Gosh i can even remember the advert!!!!
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The Debtess
New Member



22 Posts

Posted - 12 December 2008 :  00:28:17  Show Profile
That Martin's a muppet. Can anyone stop him waving his arms around?
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moneybunny
New Member



77 Posts

Posted - 12 December 2008 :  00:32:35  Show Profile
Yeah but he knows his stuff and anything that will help put money back in my pocket deserves a pat on the back! Any particular muppet in mind....you got me thinking of all the muppet characters now ! lol......oh no...now i am humming the tune!
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The Debtess
New Member



22 Posts

Posted - 12 December 2008 :  00:35:17  Show Profile
Da da da-da-dah


Edited by - The Debtess on 12 December 2008 00:49:21
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moneybunny
New Member



77 Posts

Posted - 12 December 2008 :  00:39:24  Show Profile
it good to have a sense of humour...lifes just far toooo short...have to look on the lighter side of life sometimes, even if it does mean being a muppet!
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moneybunny
New Member



77 Posts

Posted - 12 December 2008 :  00:44:45  Show Profile
i think i would be waving my arms about if i had as much dosh as this guy probably has so i am going to practice for when i win the lottery!....feeling a mexican wave coming....lol
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Vanessa Phillips
Debt Diva Expert



464 Posts

Posted - 12 December 2008 :  08:17:32  Show Profile
I know he can be a bit irratating - and when he is on the Jeremy Vine show on BBC Radio 2 he seems to talk even faster than normal, however, give the guy his dues - he really knows his stuff. His website - www.moneysavingexpert.com is excellent. Packed full of loads of useful information and tips.

I know this sounds like a right anorack, but I have read his books - they are brilliant for people that either have time to read them or don't have access to the internet. I am sure that even the mobile library would stock them!

Vanessa
Mortgage and Lending Consultant
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Claire
New Member

20 Posts

Posted - 13 December 2008 :  00:01:27  Show Profile
Fair play to Martin....that man has saved me a fortune over the years.

What do the experts think about the debt advice in his books and on his website? Martin seems to be a big fan of the CCCS. Is that the best place to go for debt advice?
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Vanessa Phillips
Debt Diva Expert



464 Posts

Posted - 14 December 2008 :  21:52:59  Show Profile
Don't know what my fellow Diva's think, but personally I think his books and his website offer no nonsense advice in an easy to understand format.

The CCCS is a good place to start, but for specific advice on individual cases you should really approach a Debt Management Consultant or an IVA Specialist as they will advise you on your particular set of circumstances.

Vanessa
Mortgage and Lending Consultant
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