Financial Education in Different Countries

Hey Evarvest Community!

Reaching out to hear what financial education looks like in your country? :world_map:

Have you been taught investment & finance-related issues/topics at school? :money_with_wings::nerd_face:

If not, do you think it would be a good idea to introduce ‘Financial literacy’ to the secondary schools? :man_student::woman_student:

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Hi Steph, good question which addresses a very important issue that has always concerned me. :face_with_monocle:

In Poland we are lacking the proper financial education. Though I was at school few years ago, I don’t think that anything has changed since then. And I must say I find it personally sad that at the Polish schools we learn a lot of unimportant stuff we would never ever use later on, but at the same time they don’t give us the basic knowledge on economy and investment. In result, a number of Poles don’t understand the easiest ecocomic mechanisms and banking vocabulary seems like Chinese to them, not mentioning the operation of the stock exchange :see_no_evil::hear_no_evil::speak_no_evil:

And how does it look like in other countries? Do you learn about finance-related issues in your schools? I’m really curious about it!

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@Magda it sounds like Poland shares the same issues as Australia!

The education system in Australia is standardised across both public and private schools and the only thing I remember learning was a very brief overview of how compound interest works. Instead, we spent a lot of time learning about how to find ‘x’ (linear equations) - would have been more valuable to spend that time learning how to find good investment opportunities :wink:

I also remember having to spend hours learning about filmic techniques in popular movies in english class - because that’s been so helpful :exploding_head: :roll_eyes:

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Totally agree with @StephBrennan and sounds like the same issue across the globe @Magda. Growing up in Australia there is very limited financial education taught in schools, if any at all! It really is up to the parents to teach their children how to budget, invest and build financial wealth but unfortunately this isn’t happening either! :sleepy: That’s why we’re here to help build a financial educational library that helps the younger generation build the knowledge they need to become financially independent :facepunch: It’s something I’m personally very passionate about changing across the world.

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Financial education is something that’s missing but should be obligatory. Some private initiatives start popping up though, also in Poland, so I hope it will keep getting better soon.

Things like budgeting, investing, mortgages, bank loans and the magic of compound interest should be taught in the primary school. Kids should already start saving and investing virtual money at that stage so they will be prepared better for the real life and dealing with real money.

I was interested in financial education since high school and I can see how much reading financial and investment books, playing economics games, watching movies about money, global finances, etc, have helped me. I can see how much a person who’s not that interested in this stuff is missing out and is vulnerable to other people who want their money (big banks, financial advisers, insurance agents, etc).

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@bartosz.w I certainly agree this should be starting in primary schools. Interestingly enough when I was in primary school one of Australia’s biggest banks had partnered with primary schools offering savings accounts to all children between 5 & 12 years of age. Each week we had to put a gold coin ($1 or $2) in a small folder and they would pick-up these from the school to add to our junior bank account. It was a great initiative while it lasted and certainly helped young kids learn to save! Unfortunately this should have continued to budgeting, investing, mortgages & bank loan education but unfortunately not.

As an adult it does come down to the person and how interested they are in learning however as children we generally follow our teachers and this is why I think financial education at a young age is vital. Plant the seed while we’re listening :wink:

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In Italy there isn’t anything. In my school they taught us just some simple contents about supply and demand. I’ve learned what I know only because I studied on my own.
The result is horrible: some years ago some little banks went bankrupt and people asked their money back because they claimed they were cheated and they didn’t know they were investing in equity or subordinated bonds. If they had introduced “financial literacy” in secondary schools this wouldn’t probably happened :man_facepalming:

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Quite unbelievable that in 2019 this is a still a global problem!

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Same situation in Switzerland: You have to go to a kind of “elite college” to learn something useful about money like taxes or compound interest.

I remember how astonished I was when I learned that money in our world is something very important. And the attitude to money is heavily influenced by religion and by parents.

I think many young people listen to influencers and bloggers who talk about passive income and sell useless courses. One reason for this is that they did not receive the knowledge of practitioners at school.

I think children should learn in primary school that you can be very happy with little money. Money is important, but being happy is more important.

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Very true @Calypso and couldn’t agree more. I think money & financial security will make it easier for people to lead a life of happiness but it certainly does not guarantee it!

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