Monday, January 15, 2007

Education, education, education.

Promise of free financial advice for all adults

Every adult is to be offered free basic advice about financial products in a nationwide scheme to be set up within five years, the government will promise today. The Treasury reckons inability of millions of adults to get to grips with basic financial information hampers economic efficiency and entrenches poverty.

Posted by dohousescrashinthewoods @ 12:43 PM (542 views)
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11 thoughts on “Education, education, education.

  • Bolted?
    Horse?
    Door?

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  • tyrellcorporation says:

    Nanny State gone mad!

    Aren’t New Labour virtually bankrupt? Asking us to take advice from these shysters is a bit rich!

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  • So it comes into effect when New Labour lose power ….. Mmmmmmmmm

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  • I personally think the reason these financial products are complicated, is because these guys don’t want you to understand them. (And I don’t think I’m the only one). This just casts the blame on the public’s ignorance. Makes you wonder why there is an FSA?

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  • Good. At last I will able to deal with Big Frankie the loan shark with some level of basic financial knowledge, three cheers for Gordon ‘n’ Tony for saving me from a good kicking.

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  • Sample question from the nationwide scheme assessment questionnaire:

    Re-arrange the following words to form a simple sentence: idiot; borrow; too; don’t; much; you.

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  • Just in time for people to realise how much money they have lost and why they lost it.

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  • Blindleadtheblind says:

    Good idea, start with the FAME website….
    “The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.” Money: Whence it came, where it went – 1975, p15
    John Kenneth Galbraith “The process by which banks create money is so simple that the mind is repelled.”
    Money: Whence it came, where it went – 1975, p29

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  • Dohousescrashinthewoods says:

    I fully expect this to disappear into the sand with other Labour press releases.

    However, the principle that mass financial literacy is good for the nation surely runs parallel to the principles of reading and writing being good for the nation.

    Why else would developing countries be educating kids as fast as they can; and why do we sense trouble when ours come out of school barely able to spell “txt” (and they will be running the country when our pensions are at stake)? “Your not even capable of using English is it’s basic form” and still expect to get a job?

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  • george monsoon says:

    six simple rules to personal financial management.

    1. Dont borrow unless you really really need to, because you have no other alternative and its something vital.
    2. Dont have an overdraft and dont use credit cards.
    3. Don’t buy a house unless you can afford it on a mortgage of 3.5 times your wage. (excluding partner)
    4. Never buy a new car. Only cretins with an image complex and the filthy rich buy new cars.
    5. The banks are in the game to make money. don’t expect sympathy and help if you are in debt. so avoid debt if at all possible by following the simple rules above.
    6. Know exactly how much money comes in and goes out every month. Keep all your bills, receipts and documents safe for at least 2 years.

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