There should be more emphasis on financial education – Ismail Mulla Yorkshire News

However, not all savers are the same, and the concern is that multiple households will have eaten up their funds for tough days during the pandemic.

This makes it even more important that financial education be given greater credibility in the national curriculum to equip future generations and enable them to cope with economic shocks.

Recalling my mind almost 15 years ago when I left the school system, I can only recall having had a few cursory lessons on personal finance.

All the things I have learned about money management come from my father. I remember being encouraged to get a credit card because of the added protections it offers when shopping online. How you instilled in me the need to stay on top of payments and how that can affect something called my credit score.

There have been other things that I have learned through osmosis and reading: different savings accounts, how interest rates work, etc. But very little that I would attribute to my time at school.

Don’t get me wrong, I had some brilliant teachers who did a fantastic job. Although I can see how others of my generation may lack the tools to help them in an often complex financial world.

You’d think things have changed in recent years, but speaking to the CEO of the Yorkshire Building Society, that is clearly not the case.

Mike Regnier said: “Financial education is not something that is well covered in schools.

“The financial education of children when they leave school can vary enormously and much depends on the family: what their parents and grandparents have taught them rather than what they have learned in school. It’s part of the national curriculum, but it’s not required, so many schools don’t really focus on everything. “

This is not just another finance company boss complaining from the sidelines. Yorkshire Building Society has actively tried to change things through its Money Minds program.

Money Minds freed up his colleagues to go to schools, before Covid, to do basic exercises related to finances with children.

“You can see how interested they are in it and benefit a lot from it,” says Mr. Regnier, who has been involved in a few sessions. “For us, that is something that we are encouraging many of our colleagues to participate in.”

The mutual recently launched a digital version of Money Minds that allows schools to access advice virtually.

“We are a small organization, so the difference we can make compared to the difference others can make is relatively modest, but it is an important part of what we are here to do,” says Mr. Regnier.

While it’s great to see that some kids at least have access to a program like Money Minds, it’s clear that there must be a more serious focus on equipping future generations with a strong understanding of personal finance.

Mr. Regnier says: “If this is to be done correctly, it must be taken seriously as part of the national curriculum.

“If the Department of Education really considered this to be a priority, then it would make it mandatory and set expectations around the amount of time that school-age children should be expected to spend learning the basics of financial education.

“What do interest rates mean. How to budget and save. How to deal with debt. The difference between a credit card and a debit card. These are really basic things that a lot of people don’t get the right level of instruction on.

“It would be a relatively simple thing to do, but it should only be a priority for the Department of Education.”

It puzzles me that the government is spending so much energy pushing Latin in public schools when we have this very obvious need for a better education in personal finance.

Maybe in the future I can go to my bank and ask them in Latin to check my savings account?

The joke aside, it’s good to see another company committed to the future of our country.

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