mitchbux Posted July 6, 2009 Share Posted July 6, 2009 I made this point a few months ago. I think we seriously need to do something for those who are just to leave school (perhaps a course in the 5th year). It should cover things like compound interest - how its calculated, debt (what effects it has on you), bankruptcy, MEWing, etc, etc...A certificate could be offered to prove that they did the course and "passed it" - in what shape this could be, I dont know. It could be in top of their GCSEs (or something). People may think its a bit of a Stalinist thing to do, but so many people leave school (many not entering education again) not understanding how to handle money. If you then made it that you needed this certificate to take out a mortgage, and may just make people think about debt and how it will effect their lives. Too many people (over the last ten years) have been totally ignorant over money matters, and it shows how a collective of hundreds of thousands (and indeed millions) of people can destroy the economny. They should do it as an exercise to teach them about spreadsheets. Two scenarios, one repayment, one IO. Yes children, the monthy repayments might look cheaper but look what is waiting for you in 25 years time. Then the next exercise is to work out, with current inflation levels, what they are likely to be earning in 25 years time and how many times their salary the outstanding capital will still be. Quote Link to comment Share on other sites More sharing options...
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