Financial Education

In conjunction with the measures being considered, my suggestion is that a greater focus be placed on financial education which can help people on lower incomes enjoy a better standard of living than they might do at present without necessarily making compromises. The Chartered Banker Institute offers a service tied into the Curriculum for Excellence where members delivers Primary and Secondary Workshops to students of all ages that provides a sound financial footing for later life. https://www.charteredbanker.com/getinvolved/my-skills-and-future/schools.html

Why the contribution is important

During my time as a financial professional, I interviewed several thousand of my bank's customers and I soon learned that their standard of living was not necessarily income based but more about how they managed their money. In fact, many of those who would default on loans had substantial salaries well above the national average whilst those on lower incomes tended to be at least as reliable in meeting their obligations. I believe if the Scottish Government work closely with the Chartered Banker Institute, the next generation of school students could become more empowered in managing their financial affairs which would relieve some of the burden from the State.

by Engineer on August 17, 2021 at 01:48PM

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Based on: 9 votes

Comments

  • Posted by Edinburgher August 19, 2021 at 14:22

    Being able to generate any form of "education" has been an uphill struggle resulting in abject failure for the shortbread senate. When I was at school, one of the many O grades that I received an A in was "arithmetic" where the exam paper was larded through with practical examples such as totting up cheques to achieve a balance as well as figuring out gas and leccy bills from first principles and working out which washing machine was cheapest over 3 years based on different discount offers and borrowing at different rates. If only current educators understood the value of teaching useful stuff that might appeal to an employer as well as providing life skills..........
  • Posted by Dober67 August 21, 2021 at 14:02

    As the comments have stated, yes education in all thing financial would be extremely useful for all children coming up through the education system, a lot of education comes from learning about the world and how things cost. And MIG, should be available in a lot of different formats, eg: help with education, food vouchers, courses for people to help them understand money and budgets, as well as direct money to certain places that they are using, like housing, nursery, shopping for food. We have parenting courses for people needing advice, help or guidance, we should have the same for people who are unable to manage their funds. Instead of giving people money that are behind on their rent, go back to the system of paying it directly to the landlords. But, any of this should be done with compassion and dignity, and without judgment, as a lot of people may or are extremely embarrassed or ashamed of themselves for not being able to do a certain task.
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