We need to have better education about finances in school.

I feel that we need to learn more about how to handle our money in school. We have citizenship lessons on bullying, alcohol, drugs, mindfulness and all sorts, to ‘make us better citizens’. These lessons are good, they teach us important things and show us how to be good human beings. However, I think that when I get out of school I will be lacking a certain set of skills, and those skills are financial skills. I feel that it is a large gap in mine and other’s knowledge, and something that I and others really need to learn about. If I hadn’t had occasional conversations with my parents, I would not really know anything at all about taxes, mortgages, budgets anything like that. And still, I feel that when I become and adult, when I start fending for myself, earning money and spending money, I might be a bit clueless. It’s not just me as well, according to youth.gov “A report on the results of a financial literacy exam found that high school seniors scored on average 48 percent correct, showing a strong need for more comprehensive financial education for youth in high school” and that “According to the 2008 wave of the National Longitudinal Survey of Youth, only 27 percent of youth knew what inflation was and could do simple interest rate calculations”. That is a lot of people who aren’t knowledgeable about financial situations, something that we all inevitably will need to face.

As we all will need to know about finances, why not start learning about it in schools. Lessons on subjects like how to budget, how to do tax returns, taxes, mortgages etc seem plainly sensible. I know, as we are only in secondary school it will still be a while yet till we need these skills but just learning a bit every so often would mean that when we do start being financially responsible we don’t have to take in a crazy amount of information all at once, and it means we can get into good habits early. If we can start to learn and become educated on subjects like these, when it does become time for us to deal with stuff like finances, we can make good decisions and be wise with our money and how we spend it. It means when we are old enough we can make educated, sensible, though out decisions, decreasing our chance of getting into some kind of insurmountable debt. I’m not saying we need huge detailed hourly lesson a few times a week on this, I’m just suggesting that maybe an hour or so every month of two would make us more financially wise and arm us with the knowledge we will inevitably need in the future.

So what’s your opinion, do you think we should have lessons on finances in school or do you think it isn’t necessary at all?


  • https://youth.gov/youth-topics/financial-capability-literacy/facts

Comments (37)

  • Tiff-Avatar.jpg Tiff @ the BNC 20 Nov 2018

    Fantastic post fantastic_duck!

    We like that you've reasoned why it's important to learn about finance as a young person. Can you also think of other decisions or skills this BNC issue might help with? For example, how is it developing your reasoning?

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  • Graveney-logo-250x250.jpg beloved_chocolate
    Graveney School 20 Nov 2018

    I think that we should have lessons about finance in school so that children, when they are adults, know how to deal with money and how to use it wisely. This could save thousands of people from becoming homeless or poor. If they know how to use money safely, then they will not get into so much financial trouble because they will understand and be aware of the consequences of their decisions. This would mean that people would not get into lots of debt because they would know how much is safe to take out, whether the factors of what the company is offering are fair, understand what the amount of interest and how their debt will impact their life, and other things like that. If this happened, many more people would not become homeless or economically vulnerable and this would be a generally positive impact on society. It would also be able to pay for itself as, if there are less people in need of financial support, the government would have more money that it would be able to pay to schools, so that they can pay for somebody to teach finances, and the resources for those sorts of lessons. It would also solve a nationwide problem and leave funding left over for things such as the NHS. I think that it is a very good idea and could benefit the nation in many ways.

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  • Millbank-logo-250x250.jpg polite_independence
    Millbank Academy 21 Nov 2018

    I really love your idea

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  • Ravenscroft-logo-250x250.jpg rational_rock
    Ravenscroft Primary School 22 Nov 2018

    That was a very good idea well done.

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  • Millbank-logo-250x250.jpg easygoing_saxophone
    Millbank Academy 22 Nov 2018

    Fantastic_duck, I agree with your point. The more we know about finance, and the earlier, the better.

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  • Millbank-logo-250x250.jpg easygoing_saxophone
    Millbank Academy 22 Nov 2018

    Also, children will be more experienced with finance when they grow up then now, leading to an easier job.

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  • Faringdon-logo-250x250.jpg fantastic_duck
    Faringdon Community College 22 Nov 2018 in reply to Tiff @ the BNC's comment

    I think this topic, as with all BNC topics, helps us with the five key skills: curiosity, scepticism, reasoning, storytelling and open-mindedness. We have to use reasoning because there are so many different views on who to blame for the financial crisis, why it happened and what we should do to stop something like it happening again, we have to use reasons, so we can justify why we hold a certain opinion and try to convince others of that viewpoint to. Also, storytelling is quite important because it is one of those skills that we need. Using storytelling is a good way to get our views heard by others and help us to communicate our reasons. We need open-mindedness because, as I mentioned earlier, there are so many different viewpoints and reasons to consider and so we need to be open-minded and listen to these viewpoints, be open to other people’s views, and if we disagree with these other views, we will again need to use reasoning to say why we disagree with them. We need to be curious in this topic because the financial crisis, if you look into it any further then we have been told seems incredibly complicated, and it is only by asking questions and being curious that we can get these questions answered. Finally, we need scepticism to be making sure that anything we are writing is true and so that when we read we are sceptical if everything is correct.

    Aside from BNC skills I think a skill you need is confidence. I think it is really important to be able to put your ideas out there with certainty and confidence, being able to say I think this or I think that because I suppose you kind off really have to be able to believe in your views to be able to talk with others about them and maybe being able to respond to another person that has an opposing viewpoint.

    Finally, I think this topic will help us with our decision making, we’ve been talking a lot about risk and reward and so I think that this topic has enabled us to better weigh up our options to make agood, thought out decision.

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  • Millbank-logo-250x250.jpg stellar_guitar
    Millbank Academy 23 Nov 2018

    I totally agree, I think that this piece of writing deserves a big, WELL DONE! :)

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  • Richmond-Hill-logo-250x250.jpg committed_physics
    Richmond Hill Academy 23 Nov 2018

    I agree with you, the more we learn early the better we will do when we grow up and we won't have any problems

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  • Tiff-Avatar.jpg Tiff @ the BNC 23 Nov 2018 in reply to committed_physics's comment

    Hi committed_physics,
    What kinds of skills are important to avoid 'problems' in the future do you think?

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  • Millbank-logo-250x250.jpg mirthful_tennis
    Millbank Academy 23 Nov 2018 in reply to easygoing_saxophone's comment

    I agree it will help with life later on when you get a job easily.

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  • Foxfield-logo-250x250.jpg loyal_attitude
    Foxfield Primary School 26 Nov 2018

    I agree with you and everyone else because we are taught about alcohol, drugs and things that other young children are dealing with this present day but kids are also so confused on how to spend and save money in real life. should we be allowing our fellow kids to make such a silly mistake?

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  • The-Ruth-Gorse-logo-250x250.jpg creative_sparrow
    The Ruth Gorse Academy 27 Nov 2018

    I absolutely agree, when I see a leaflet from a bank, there seem to be a lot of jargon and gibberish! The thing is as we leave school we will all be getting a job and I don’t want to look foolish and not know about tax, insurance or any banking terms. For example, my 16 year old cousin was working for the first time this summer and she was very confused about how much tax she was paying or knowing whether it was ‘correct amount deducted’ due to her non fixed hours.
    Also lots of adults made wrong financial decisions during financial crisis. I wonder if having some background knowledge would of help safeguard a lot of people from unsensible risk. Who knows but i feel some education about money is better than no education.
    However, there is good news everybody! it appears we will be getting financial education in schools. A while ago there was an ITV program called 10 Things Your Kids need to know by Martin Lewis, a money expert guy. He talks about the importance of financial education for kids and from that he stated he has actually pushed for financial education to all state schools. So I looked further and found this from his website https://www.moneysavingexpert.com/students/financial-education-video-2014/ ‘All 3,400 state-funded secondary schools in England will get 100 free copies of a financial education textbook this week (7/11/18) thanks to a £325,000 donation from MoneySavingExpert.com founder Martin Lewis.’
    And the financial education is taught in the curriculum across citizenship, PSHE and maths lessons.
    I haven’t had the lessons as yet apart from learning about compound/simple interest in maths etc, but we probably will do later, whereas my older sister says she’s already been given some basic lessons in her citizenship class.
    So hopefully when we leave school we won’t all be clueless about money!

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  • Olivia-Avatar.jpg Olivia @ the BNC 28 Nov 2018 in reply to creative_sparrow's comment

    Fantastic reasoning shown in the first part of this comment and excellent curiosity displayed in your research! I'd be really keen to hear what the lessons are like, if any of you are lucky enough to have them!

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  • Hanson-logo-250x250.jpg hopeful_panda_bear
    Hanson Academy 29 Nov 2018 in reply to easygoing_saxophone's comment

    Yeah I totally get what I are saying well done

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  • Portobello-logo-250x250.jpg honorable_bilberry
    Portobello High School 30 Nov 2018

    I totally agree. I’ve NEVER heard any teacher until now mention any financial jargon which is unacceptable. When we get into wider society we’ll be completely clueless as to what all these words mean

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  • Bruche-logo-250x250.jpg exhilarated_globe
    Bruche Primary School 01 Dec 2018

    I agree with this completely i have not yet heard a teacher talking about a financial crisis in a lesson like that ever i think it would be a great lesson because yes we should know about the financial crisis in case it does happen again and it affects our lives and our houses are taken away from us . this can affect a lot of people and even if it doesn't affect us we may be able to help somebody in need.

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  • Boston-Spa-logo-250x250.jpg sceptical_honeydew
    Boston Spa Academy 02 Dec 2018

    I also think that we should have some kind of learning about money in school

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  • Evelyn-Street-logo-250x250.jpg meticulous_cheetah
    Evelyn Street Primary School 03 Dec 2018

    Fantastic_duck I totally agree! This is probably the most detailed research paragraph you've covered!

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  • Notley-Green-logo-250x250.jpg convivial_interaction
    Notley Green Primary School B 04 Dec 2018

    Great peace of writing 👍😁

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  • St-Josephs-Northfleet-logo-250x250.jpg ethical_brain
    St Joseph's Catholic Primary School, Northfleet 05 Dec 2018

    People should think about what they are buying for example a bag that is not needed. I really like your work

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  • The-Ruth-Gorse-logo-250x250.jpg witty_petal
    The Ruth Gorse Academy 09 Dec 2018

    I agree with your point and I think that the earlier we learn about things like this the better we will do later in life . You did realy well on this post and thaught about what your writing.

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  • Hanson-logo-250x250.jpg methodical_tomato
    Hanson Academy 10 Dec 2018

    I agree with this because most things in life is not free and we need to understand how to control and use and how to spend money . we need to understand debt , debit , credit cards and mortgages .

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  • Morley-Newlands-logo-250x250.jpg majestic_bat
    Morley Newlands Academy 11 Dec 2018

    We do need a better education about finances because we all need to about it for when we are older because we will get a finance once in our lifetime.

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  • Morley-Newlands-logo-250x250.jpg tenacious_whale
    Morley Newlands Academy 11 Dec 2018

    I don't agree because teachers will make sure you know things you need to know and when you get in high school or higher years they might teach you all about how to keep money safe . Instead of teachers telling you your parents or members of family can tell you or ask teachers when you've got some spear time.

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  • Morley-Newlands-logo-250x250.jpg splendid_tree
    Morley Newlands Academy 11 Dec 2018

    In my opinion I think that we should start to learn a little bit about the financial crisis.This is because when you are older and need to start finding a job and a house to live in that is when things like taxes and mortgages start to take there places.If you move out quite young like when you go to collage then you will need to get a small house or a temporary flat which means you will have to pay taxes,mortgages and bills but if you don't know how to use your money properly then you won't know what to do.

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  • Olivia-Avatar.jpg Olivia @ the BNC 11 Dec 2018 in reply to splendid_tree's comment

    Great reasoning. Well done!

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  • Olivia-Avatar.jpg Olivia @ the BNC 11 Dec 2018 in reply to tenacious_whale's comment

    What might be the disadvantages of learning from family and friends, rather than having time set aside in the curriculum?

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  • Bruche-logo-250x250.jpg independent_violin
    Bruche Primary School 11 Dec 2018 in reply to polite_independence's comment

    So do I,it was very good and useful (to me anyway).

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  • Stoke-logo-250x250.jpg decisive_moon
    Stoke Community School 11 Dec 2018

    this is so cool i read it all. its the best thing i have ever read

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  • Morley-Newlands-logo-250x250.jpg tenacious_whale
    Morley Newlands Academy 12 Dec 2018

    I've change my mind I agree with you now because if teachers don't teach us about how to keep your money safe when you get older you have to pay taxes , mortgages and bills . If your in any education like university or collage and want a little house to live your for now it's all about paying things for that house but you don't know how to do that because you haven't be told how to. Another point is that when your in collage or university you get a job and you earn money by doing that and when you need somthing you won't know what to do with that money which is a struggle to deal with . The thing is they teach us the other thing we need to know in life but there's nothing happening about money so that needs to be tort in lessons

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  • Tiff-Avatar.jpg Tiff @ the BNC 12 Dec 2018 in reply to tenacious_whale's comment

    good open-mindedness here!

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  • Elaine-logo-250x250.jpg victorious_snow
    Elaine Primary School 04 Jan 2019

    I definitaley think that we should have lessons on these types of things. Knowing alot about taxes, mortgages and budgets will surely help young pupil to be organised and ready for future. Especially when young people have high, family responsibility because :
    . Having single parent who is immensly sick or old ( so they can't really teach much to that child)
    .Being the only child and having old carer
    This gives less oppprtunity fo youngsters to learn from their parents so school would be the only solution because even if someone is looking after a child without any parents, that carer needs to be nice and have good mind to teach hard survival in this current world.
    Also if a child is shopping on their own for maybe buying gifts for someone then they would need to know how to under go a budget and how to spend wisely.
    In this modern world, what the government do is take tax from us for every thing in the UK (like food for example), then using that money they give things like child benefit and housing benefit so it may not be a bad thing but understanding this is really important. Just so know why your money is going and where your money is going.Learning about mortgages does really help because if a problem appears in the future, then they would know where to get help from. The bank.

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  • St-Gregorys-logo-250x250.jpg steady_moth
    St Gregory's Catholic Primary School C 15 Mar 2019

    i agree that that is fantastic

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