Personal finance education

[Dreamy Fish]

Hi there

 

Please could anyone tell me, within an Aussie education, is there a mandatory part of the curriculum that teaches about personal finance, how to manage your money, debt, credit, all that sort of thing? My understanding is that it is starting to be rolled out in the UK but within other lessons such as maths. And personal debt is such a problem that I wondered if and how Aussie schools dealt with it.

 

Thanks x

[blossom]

I'd be surprised if my partners 14 year old daughter are anything to go by. Her and her 16 year old bf haven't got a clue.

[Guest Anya]

My kids did not have it in their curriculum and I'm not sure whether it is even being contemplated - I wish it was.

 

More importantly, just because personal finance is not incorporated in their curriculum, does not stop us from teaching/drilling it into their heads - after all they learn best from the examples you set as a parent . They can also learn from everyday examples that you personally follow, simple things like learning to wait and not just buying stuff as and when they please, buying items they actually need when they're on sale/on special, paying by cash/debit card, want a fancy gizmo? - earn it...etc.

[LukeM]

Agree with Anya. It's not really taught here. I think it's great the uk are starting to pick it up. I wish I knew about stuff. I have barely any clue what interest rages and variable rates and all the fees, repayments etc are and I'm nearly 22 I don't know where people learn it without (in a lot of cases) learning the hard way and I don't want to learn the hard way!

[Dreamy Fish]

Thanks for replies. I just got to thinking because my ex-h is hugely critical about our 8 year old having any awareness about money worries and criticises me a lot about having money worries. I don't btw, but he criticises everything about me but that's by the by. I completely believe in letting my kids know about money and the value of it and I wondered how schools taught it because I also learned the hard way.

[LKC]

I don't know whether it is something that is taught in schools, but I think it is important nonetheless. I don't think that there is anything wrong with children knowing about money, I certainly don't hide the fact that sometimes things are a bit tight for us meaning that we can't have/do all we would like. I may be in the minority (I have no idea, I have never asked anyone else), but we make our girls earn their pocket money by doing extra chores (over and above what I expect them to do), and if they want to spend it on something then they either have to save up or club together. I also make them appreciate the fact that if they leave the lights on all over the house, or leave the tap running, that those utilities need to be paid for and will be taken from the household budget leaving less for other things.

[Paul1Perth]

Thanks for replies. I just got to thinking because my ex-h is hugely critical about our 8 year old having any awareness about money worries and criticises me a lot about having money worries. I don't btw, but he criticises everything about me but that's by the by. I completely believe in letting my kids know about money and the value of it and I wondered how schools taught it because I also learned the hard way.

 

No wonder he's an ex. You are doing the right thing with your kids. Ours are 24 and 19, two boys. They didn't learn anything about personal finance in school but they had it drummed into them that they should save up for something if they want it and not get it on the never, never. Our eldest learnt a very important lesson not long after he started work. He had to have a car to get to and from work when he started his apprenticeship. He was spending all his income every week on going out and having a good time. Fair enough, he was young, but me and the wife just mentioned to him that it might be a good plan to save a bit in case something happened to his car. Literally the next day the exhaust collapsed and the RAC had to tow it in.

 

We lent him the money to fix it and made sure he knew it was a loan. We made him pay us back so much a week out of his not very big salary until he had paid it all. From that day on he made sure he has a bit in reserve. The youngest hates spending full stop and has loads in the bank. He thinks it some sort of game to have more than his brother.:wink:

[Guest Anya]

I have taught my children the difference between need (necessity) and want (desire, nice to have). They know well that we can afford to buy them what they want but what they have learnt and know even better is that it is does not mean we will buy them whatever they want. They will certainly get what they need. If they want something then they have to earn it - save, good reports etc.

[Guest The Pom Queen]

I have taught all 3 of mine because they haven't learnt it from school. The eldest one is a real penny pincher and saves everything. The middle son spends his money as soon as he gets it and doesn't have a penny to his name and the youngest we are just helping him set up his own little business so he is learning how much things cost, other expenses and profit. Although I have to say his bank account never seems to go down but mine does, maybe it's me who needs lessons lol :laugh: