Gill Fielding, ‘Money Mum,’ explains why teaching children the basics of finance is crucial to the health of the UK’s economy.
“We all know the economy is not in a great shape, but this cannot be used as an excuse for most people’s lack of savvy when it comes to their finances. Much of the UK population is in debt, struggling to get from one pay cheque to the next, often blaming the ‘economy’ on their lack of spare cash. In truth, most people aren’t really affected by the world’s money troubles and could do better when it comes to managing their own funds and if they did, the UK would be a more financially secure place.
Now, what has this got to do with your children? Well, as the song says, they are ‘the future’ and if they’re taught, as part of the curriculum, to save and even make money, then their future and the future of Britain will be a wealthier one. In my view, until the basics of personal finance are taught in schools, the Government is failing young people and as a consequence, the adults they will become.
I am petitioning Government to get my ‘Financial Five a Day’ taught to every child in the country:
- How to get, manage and monitor a bank account
- How to understand, manage and control credit, debt and borrowing
- How to control their money so that it lasts to the next pay day
- A sense of the future value of money and how to plan going forward, including saving for the future so that everybody can have some jam today AND a bit of jam tomorrow
- A sense of self-reliance and responsibility for their own financial future and well being
I believe that if this happened the UK would encourage more entrepreneurs, less people would be on benefits and pensions wouldn’t even be an issue as everyone would have their own self-financed nest egg to fall back on.
Alongside Maths, English and the other important lessons taught in school, should sit these core life skills, setting young people up to go out into the big wide world with an understanding of money and how to look after it. As parents, you can help too by instilling these fundamentals in your own children and if you don’t know them yourself (don’t be embarrassed, many don’t) getting up to speed and taking control of your finances. Lead by example and you might just find your own bank balance ends up in a healthier state – you never know, you might really take the bull by the horns and learn how to create wealth and become what I call ‘financially free’.
To sign the petition and for more information and personal finance advice, visit: www.moneymum.com
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