Save, make, understand money


BLOG: Could money tempt you back into the classroom?

Joanna Faith
Written By:
Joanna Faith

Could you ever be tempted back to school? What if someone paid you?

Personally, it would depend how much they were offering. If it were enough to provide me and my family with lifelong financial security then I could be persuaded. Anything less, I’d run a mile.

In reality, the chances of someone waving big wads of cash to entice you back through the school gates are slim to none.

But there could be a way of securing your family’s financial future by heading back to school. What if you were offered the chance to attend financial education classes with your kids?

Personal finance officially became part of the English national curriculum for secondary school pupils from September 2014. (It has been taught in schools in Wales, Scotland and Northern Ireland since 2008).

Educating kids about money from a young age is without a doubt a good idea. The hope is the knock-on effect of an early grounding will be felt later in life by the individual and wider society.

But what about older generations?

A study by NS&I found a quarter of UK adults think a financial education should be instilled in the young by parents or other family members.

BUT the research found that more than 15 million UK adults never received any formal financial education but wished they had, and more than four million feel “out of their depth” when it comes to managing money.

How can adults be expected to supplement their kids’ financial education if they don’t have the know-how to do so themselves?

We’re constantly being reminded we’re living longer and the state won’t be able to support us in retirement. Going back to school to learn more about saving, investing, even budgeting could benefit everyone.

So maybe the government should set up child AND adult personal finance classes. Whether anyone would attend them is another matter. But as with so many things, you never know unless you try.