This is news?

The headline says: Survey: few students understand basic finance

I don’t think that is news and nor does Retirement Commissioner Diana Crossan who said the survery results were shocking but not surprising.

“Why would you expect a high level of financial awareness when they don’t teach it at schools and parents don’t have the skills themselves?”

I wonder what the results would have been had the survey been given to parents and teachers too?

One Response to This is news?

  1. Neil says:

    I can fully understand the situation.
    I enjoy playing the share market and follow economics after nearly 70 years on this planet.
    At age 18 I was a big spender – records,books,sports gear,magazines etc. I didn’t have the foggiest idea of money- e.g what a mortgage was,debt,saving.Live for today !
    My late brother introduced me to the sharemarket 37 years ago. And now after two stints on the tv show Mastermind on the topic the NZ Sharemarket 1970-1990 I know a lot more than I did when 18.
    I made the comment in an earlier post on Homepaddock that money experience only really develops when you are in control of your own destiny. Your own money focuses attention – learning in theory is just that.
    That’s why I think there should be Money Knowledge courses run for people in the 20 year old age group right up to retirement.
    Government should not run those courses but government should encourage attendence through tax concessions to undertand the old virtures for instance,the higher the return the greater the risk and that much debt is not a good matter.
    Equally money professionals should not control the courses because so many have vested interests and the potential to make money out of investors.
    REAP,Adult Education etc have the potential to pull together investors and some professionals to help explain money matters.
    The current security and exchange rules with its heavy emphasis on professional training and skills is a nonsense. As said,these people often are selling on commission and are not neutral. How successful are they in providing good advice to the investors ?
    Again I say, courses should be available for people after they leave school when they get their first pay packet or when they are buying their first home.
    In my case, you get more skilful as you get older but you still make mistakes.


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