Should money management be taught in schools?

June 25, 2021 Karen 26 comments

This was a topic that was discussed on a daytime television programme this week.

I can remember learning how to budget being talked about during a home economics class when I was at school, but it wasn’t covered in any depth.

Surely if managing money was a school subject then less people would fall into debt in later life.

Giving children pocket money is a good way to let them start trying to balance a budget from a young age.

Pocket money here

I was brought up being told, if you can’t afford something then you shouldn’t have it, which is what we also to;d our children.

When we were growing up one of my sisters would save every penny she was given and the other one couldn’t save at all she spent her money straight away sometimes looking around gift shops for something to buy; I was a mixture of the 2- I saved a little and spent the rest on clothes and music mostly.

When I left home and started to buy furniture for my own house I paid up front, but when I mentioned this to a relative I was told that I should have taken advantage of the interest free credit option ( I felt happier paying when I knew the money was in my bank account).

I haven’t even ever owned a credit card, but understand that they can work well if used correctly.

What do others think of having money manahement taught in shool?

As always questions andcomments are welcome.

Until next time.

Karen

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26 Comments on “Should money management be taught in schools?

  1. This was an interesting read! From personal experience I think money management and finances should definitely be taught in school.
    There is an awful lot that I wasn’t prepared for once school was done and I flew the nest. Handling money was definitely a big one. It has been a hard lesson, and honestly I am still not the best at budgeting, with barely a lick of financial sense. And don’t get me started on taxes! I realised once I went self employed how abysmally unprepared I was. I barely knew anything about the tax system at all!

    It was, honestly, embarrassing. And so surprising! These things are surely the basics of just…living.
    So, absolutely! We, and the education system, could definitely stand to prepare the kiddos for the real world a little better.
    Thank you! This one really got me thinking.

  2. Yes I think it would be brilliant if this was taught at school as it is so easy these days to quickly get into debt. So many buy one pay later offers on the market that one could easily spend more than can afford. My mum always said to only buy things that you could afford and only if you had the money to pay for it.i have owned a credit card before and paid in full when money was due so didn’t see the point in having one really so gave it up.

  3. I think it should be a big part of the curriculum, finance and the ability to manage money / understand mortgages and investments is really important and far more useful to most than a lot we did learn at school. Thanks so much for linking up at #KCACOLS. Hope you come back again next time

  4. I think money management should be taught in schools, it’s an important skill to learn and I wish I’d learned it in school rather than learning it the hard way through dealing with debt. #MischiefandMemories

  5. What a great idea! Money management in schools would be such a fab and useful edition to work into lessons. I’m not sure if they touch on it now in secondary school, but I know we didn’t in school. Thank you for joining us for #mischiefandmemories 🙂

    1. As I mentioned in the post budgeting was mentioned very briefly when I was at school, hundreds of years ago! Thanks for your input as always, Annette

  6. I sort of think this should be part of what parents teach but it is covered at a basic level in economics, or at least was when I was at school And home ec too. #KCACOLS

  7. So wise!
    Because we homeschooled our kids, we got to determine their curriculum, and everyone had to manage an imaginary portfolio they chose, and everyone had a checking account at age 16. Better to make money mistakes when the impact is softened by youth!

  8. We had no lessons on finacnes when I was at school and I think it should be a key skill. I think things are a bit better now but should be included with careers advice in Key Stage 4. Thanks for linking up with #MischiefAndMemories

  9. I definitely think more real life skills like money management should be taught in schools – they’re sort of touched on but not in much depth really! #KCACOLS

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