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Martine McCutcheon filed for bankruptcy yesterday. The Mirror dubbed her the biggest soap star since Mr Matey bubble bath. The Times listed her achievements: “a much-loved soap actress, a chart-topping singer, a highly acclaimed musical star, a bestselling novelist….” She had fame, success and a lot of money. Now she can’t pay her debts. She’s [...] Here are two bonkers arguments for financial education in schools. The first is from Mark Garnier MP, vice-chair of the all-party parliamentary group for financial education for young people. He told the Financial Times earlier this month, “We need to make sure the next generation are financially literate. Compulsory financial education could avert the next [...] An economist who has analysed gift-giving isn’t impressed. “An orgy of value destruction and misallocated resources,” is what Prof Joel Waldfogel, author of Scroogenomics, calls it. The problem is that when we buy for ourselves we have, or ought to have, a reasonably good notion of what the value is to us compared with the [...] 
“Sorry mate, I’ve only got a £20 note.” No problem, I’ve got change. Marc the Big Issue seller was happy to sell a magazine to a friendly-seeming stranger. He wasn’t happy when he tried to spend the note. It was a forgery, worth nothing. That was his day’s earnings gone. Young people are great users [...] 
What goods and services do you need to take part in society? And how much would they cost if you added them all up? The latest report on minimum income standards from the Joseph Rowntree Foundation led to headlines about overall costs – a single person needs an income of £16,400 a year before tax. [...] 
Is it worth signing up for a course in health & beauty? Can a successful media student expect a job in the creative industry? Many have wondered. A report out this month could help young people make a more informed judgement. Hidden Talents, a report by the Centre for Economic & Social Inclusion, is a [...] 
Two young men who were aimless and broke are now enthusiastic and committed trainee youth workers. They also have much-improved money skills. How? They used the services of an advice and counselling service which was helping pilot a peer education project. Money is rarely the primary reason young people contact Youth Start, a confidential advice, [...] 
Ed Balls is in Greggs buying eight sausage rolls. They’re 60p each. When the assistant hands them over she asks for £4.70. He should know this is wrong, because he is a financial whiz-kid and shadow chancellor of the exchequer. Eight 60ps are £4.80. So what do you do? Ed Balls just paid up, said [...] 
“I’m not telling you what to spend your money on. I’m just telling you about the difference between your wants and your needs.” The approach goes down well with young people, says 18-year-old Sophie Probert about the sessions she runs at her local Rathbone centre in Derby. It also helps that she is close to [...] 
If you are helping a young person improve their financial capability, what are you really trying to do? What areas should you focus on? How do you know if you are covering the core elements? The most helpful breakdown was established some time ago by the Financial Services Authority. Researchers identified five key areas, sometimes [...] |
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