Financial Literacy - Is It Dangerous or Essential?
"It's a year since financial education became a compulsory part of the curriculum for England's 11 to 16 year olds. But do you know the answers to some of the questions in their lessons?"
This article was posted on BBC Breakfast today (11 Sept 2015)
Promotion of financial literacy and its relation to socio-economic affairs is a major aim of MFTSE Affairs S.A. Our web-site www.finance-eco-money.lu is currently under construction but our facebook page is already available to share comments, experience and ideas in these areas: https://www.facebook.com/MFTSEAffairsSA/timeline/ - we look forward to participating in this important global endeavour in our own small way.
The Questions asked by the BBC were as follows (We have added the brief answers):
1) At what age are you allowed to start work in the UK?
Answer: 13 part-time, 16 full time
2) What is the National Minimum Wage for 16-17 year olds?
Answer: The minimum wage in the UK will be GBP3.87 from October 2015
3) How old do you have to be to have a debit card?
Answer: 11 years old. Remember that a debit card does not allow you to overdraw so it may be considered as an educational facilitator. (Debit cards are not the same as credit cards)
4) When do you start paying National Insurance?
Answer: When you earn over GBP155 per week. This is important in the UK because your pension starts from the date you start paying national insurance. However I suspect it is limited to the age of 16 when full time work is permitted?
It is believed that financial education can support the educational curriculum in many areas, not just in Mathematics for example. The age group of 11-16 is, of course, crucial because beyond 16 UK nationals are either already working or are at university where they already have to manage their own finances. There is, however, an argument that basic financial education should already start at primary age which we do believe in.
Of course it depends upon the individual Circumstances, Attitudes and Behaviours (CAB) but we must remember that children in todays world have exposure at a very early age, if nowhere else, on the internet, whether we like it or not! On the positive side we believe we can win by sharing the good things that can be achieved through financial awareness taught by parents, schools or open, transparent exchanges of information across all age groups.
Clive Munn FEM
Greater financial literacy is a major aim of 'fem'. Finance for good will help us change the world. Properly 'policed' and regulated finance is the essential leg towards winning by sharing and creation of a better fairer world.
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