This page contains a Flash digital edition of a book.
mortgage


APR savings


interest


inflation


The debt level of 18- to 21-year-olds in the UK is 91% of their take-home salary, and 37% of those with debt problems in the UK are under 30


the mechanics of buying a house. But unless it is firmly on the national curriculum (which it is not) and teachers themselves are financially savvy enough to get these points across, then debt problems will only get worse.” The grim reality is that most children


leave school knowing how to find the area of a parallelogram but not a clue what inflation is or how APR works. Financial education was supposed to be part of the national curriculum from September 2011 as part of the Personal, Health and Social Education (PHSE) – a life class. The same piece of legislation included sex education and in the run up to the 2010 election, the parties couldn’t agree on the age parents should be allowed to opt their children out of it. Thus financial education fell with it. It is now back on the agenda but no firm dates for introduction have been confirmed.


Financial education It’s not all doom and gloom, however – banks such as NatWest, in conjunction with RBS, are taking the initiative in terms of teaching basic money management in the classroom. MoneySense for Schools, the bank’s online interactive non-promotional programme, gives secondary school children an appreciation of the importance of sound money management and budgeting. Although the MoneySense for Schools


materials are designed for teachers, a unique element of the programme is that specially trained RBS International and NatWest employees can help teachers deliver lessons. The lessons aim to provide teenagers with


not only a better understanding of financial products and services, but the importance of controlled spending. The programme has


been a success locally, with positive feedback from teachers across Jersey and Guernsey. Jerry Whitsey, Chair of the Corporate


Sustainability Board at RBS International in Jersey, comments: “We believe it is very important that financial literacy is a core competency that young people achieve. This can come from formal education and parental support, but we also feel, as a bank within the community, that we can support this process. With both online aids for the school or direct staff help, we can be a flexible resource for them.” The bank believes that before leaving school,


every young person should be confident about dealing with financial organisations and be able to calculate the cost of borrowing. Martin Bamford, Chartered Financial


Planner with Informed Choice welcomes such initiatives, insisting that without being able to


February/March 2012 businesslife.co 59 ➔


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112