It's far to easy to get into masses of debt nowadays with loans credit cards and store cards. Also with bankruptcy at a new high in the last year isn't it time we did more to educate our children at school about the dangers of spending more than you can afford?
2007-02-21 20:13:23 · 16 answers · asked by Dustbowl Blues 3 in Social Science ➔ Other - Social Science
Excellent question and excellent idea. I agree with you that our society does need that type of program in the schools for exactly the reasons you stated.
2007-02-21 20:18:16 · answer #1 · answered by ♥Minnie Mouse♥ 4 · 1⤊ 0⤋
Hello,
(ANS) YES! I definately agree with your point, I think its way over due that young people should be educated in financial matters. It should be clearly explained what good financial management is, what debit is and whats its consiquences really are, what bankrupcy really is. Looking at not only the facts but at the real emotional & psychological impact of debit on a persons life.
**More than any of the above we should educate young people to knowing just how devious & tricky banks are.
**I definately think the large scale of the current personal debit mountain in this country is 50% due to banks. Banks spend millions on marketing & pushing credit, credit cards & loans. Make no mistake about it debit is BIG business and the banks definately do very nicely out of other peoples debits.
**Who is responsible for debit? 50% is your own responsibility or fault. And the other 50% is the Bank, building society or lender.
**NOTE: Banks DO HAVE a vested interest in customers having debits no matter how much they cry foule.
QTN:- WHAT IS DEBIT???
ANS:- Debit is only your own money which you havent earned yet? its wealth you are yet to create!!!
QTN:- WHAT IS DEBIT TO A BANK??
ANS:- A nice monthly income & oh! and the fee's that go with it thank you very much. Is it any wonder banks make such massive profits?
IR
2007-02-22 04:56:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Most definately. I am 26 and have no understanding of money or how to keep hold of it. Luckily, my partner's parents taught him well and I give the majority of my salary to him to pay our mortgage and bills and the rest can buy me shoes... wonderful shiny shoes :o)
Until you get out into the big wide world you have no idea of how much life really costs. Schools should educate kids on the cost of rent or a mortgage/bills/cars/food etc so that they have a better understanding of how much they need to earn to be able to leave home and live comfortably and also what is a reasonable amount of money to spend on shoes!
Until now, if I didn't have the money, the cheque book or credit card would cover it. It's like monopoly money - we don't see it as real.
2007-02-22 04:29:45 · answer #3 · answered by Chrissy 2 · 1⤊ 0⤋
Since I left school (many years ago) I have never had cause to use a quadratic equation or cosine in any aspect of my life. I'd far rather have had some basic lessons in managing a household budget - planning, saving etc. Also useful would have been to learn about interest rates - how they work, what percentages to watch out for etc., relating to credit cards and mortgages. Good question!
2007-02-22 04:26:38 · answer #4 · answered by Roxy 6 · 0⤊ 0⤋
Yes, it is practical which is what kids really need to avoid a future of debt and bankruptcy. With things like Pensions being in the state they are to, we can't do enough to help future generations learn to provide a secure life for themselves.
Great question by the way
2007-02-22 05:10:09 · answer #5 · answered by Elaine D 3 · 0⤊ 0⤋
Yes,I believe financial planning and debt management be taught
in schools because children should be aware of financial and debt management from primary level so that they can handle any financial problems in future.
2007-02-22 04:28:22 · answer #6 · answered by RAJ 1 · 0⤊ 0⤋
Most Definately. I Also think that they should NOT get a credit card. That's the SOLE reason why people are in debt. That's basically the whole class. lol
2007-02-22 04:17:01 · answer #7 · answered by FWAY 3 · 1⤊ 0⤋
I think they should teach some sort of money management, but the parents should also have some responsibility. They used to teach this sort of thing in home economics (years ago) along with basic home care (cooking, cleaning, child care) but they don't do it as much anymore!
2007-02-22 04:25:44 · answer #8 · answered by mrsallport 3 · 1⤊ 0⤋
Yes, i took a semester of Personal Finance in senior Economics. It's one of the few things I remember, and put into practice. Everyone should learn it, in their last few years of school.
2007-02-22 05:12:56 · answer #9 · answered by L 3 · 0⤊ 0⤋
No, we just need to teach children not to bite off more than they can chew.
If you are going to implement this class in school, trust me the attendance rate will be very low and it may encourage truancy. Kids are already under so much stress
2007-02-22 06:52:58 · answer #10 · answered by Anonymous · 0⤊ 1⤋