Join! it's $20

Financial literacy course in year 12

Financial literacy course in year 12

As a financial adviser I talk to a lot of clients who have never had any real financial education. A course in schools that goes over how interest works, how HPs and credit cards operate and the basics of running a bank account, mortgages, kiwisaver and insurance would be of huge benefit to people starting off life as adults. Particularly with easy credit and unscrupulous payday lenders I feel teaching our youth to avoid financial landmines is important.

Showing 17 reactions

How would you tag this suggestion?

Sign in with

Or sign in with email

    Please check your e-mail for a link to activate your account.
    • Chelsea Finnie
      tagged this with important 2016-12-03 22:47:58 +1300
    • John Rusk
      tagged this with important 2016-11-30 08:51:06 +1300
    • Sue Rine
      tagged this with important 2016-11-29 19:45:07 +1300
    • Richard Beckmannflay
      commented 2016-11-29 14:05:07 +1300
      Great suggestion, but please forget the year 12 part, it should be an entirely core subject “Financial literacy” every year from day 1 at Primary.

      If only we could teach parents and grandparents many who indeed have missed such teaching in life, perhaps introduce a “Borrowers License” that forces people to prove they understand some basics before a lender can lend.
    • Richard Beckmannflay
      tagged this with essential 2016-11-29 14:05:06 +1300
    • Nathan Rattray
      tagged this with important 2016-11-29 12:05:02 +1300
    • Nathan Rattray
      tagged this with essential 2016-11-29 12:05:01 +1300
    • Rohan Light
      tagged this with important 2016-11-28 16:52:11 +1300
    • Alan Dawn
      tagged this with essential 2016-11-27 19:07:15 +1300
    • Jerry Cerveny
      commented 2016-11-27 16:22:35 +1300
      This is a great suggestion however it need to go deeper then just teaching budgeting skills, compounding interest etc. Money education must cover more, such as where does money comes from?
      The average man/woman on the street will say the government creates our money and this is true. So if the government makes our money and it doesn’t cost $100 to make a $100 note and it doesn’t cost $1 to make a $1 coin who collects the difference. The answer is the government and this profit is called “Seigniorage”
      So if the government makes money and collects Seigniorage why does it need to borrow what it makes AND pay an interest rate on what it makes.??
      Notes and Coins only represent 5-7% of money in circulation and the rest is digital money, who makes digital money? The banks through the “Fractional Reserve Lending rules make it. Yes, Banks have the power to make money. Every time a Banks issues a Mortgage/Loan new Money is created out of nothing “Thin AIR” Money the bank didn’t have and only just created as the loan was approved. Unlike Credit Unions that lend out other customer deposits.
      It is absurd for a bank to Foreclose and reposes a REAL asset just because
      you didn’t repay money they created
      We need to get the public to understand this.
    • Jerry Cerveny
      tagged this with essential 2016-11-27 16:22:34 +1300
    • duncan cairncross
      commented 2016-11-27 15:53:54 +1300
      Good idea
    • duncan cairncross
      tagged this with important 2016-11-27 15:53:53 +1300
    • Tim O'Donnell
      commented 2016-11-27 15:17:14 +1300
      Understanding money & how it works is a great idea. It should be taught in schools. Budgeting, the cost of borrowing etc etc. If not a main policy it should be written in somewhere
    • Tim O'Donnell
      tagged this with interesting 2016-11-27 15:17:13 +1300
    • Tim O'Donnell
      tagged this with important 2016-11-27 15:17:13 +1300
    • Jonathan Swadling
      published this page in Suggestions 2016-11-27 11:00:26 +1300