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Published on January 10th, 2013 | by Pete

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Can we bank on Schools to teach our kids about money?

Finally! It has taken a long time, but it seems that common sense is finally beginning to prevail. The Department for Education states that it is considering making finance lessons mandatory for school children. I’ve been hoping for this for years! I can’t remember the last time I used trigonometry, or the last time I needed to devote time to prime numbers. I do however, remember lots of occasions where I made poor decisions about money. Hopefully the tide is now turning, and not before time.

A recent study commissioned by two charities; the National Children’s Bureau (NCB) and the Personal Finance Education Group (PFEG) found that 43% of the 1,001 children aged 7 to 16 surveyed were worried about money. It also found that about 12% of those surveyed were already in debt, having borrowed money from friends of family that they could not afford to repay. Hardly a surprise given all of the social pressures on kids nowadays to have the latest gadgets or mobile phones. It also seems the kids are crying out for help, with a whopping 96% of those surveyed agreeing that every pupil should be taught to manage their finances.

Let’s just hope the Department for Education take this survey seriously and begin to do something to help address this issue. If they do, it appears nothing will be in place until 2014. So, if that is too late for your children, get proactive and help them learn lessons that will always help them, regardless of where life takes them.

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