With so many things being added to the school curriculum, it's probably time to draw the line somewhere, or chuck out some of the old to make way for the new.
In these discussions one muses about the purpose of school education (to form a person, to teach independence or to equip for a job) and the values that it should transmit. Indeed whether it should transmit values at all (though I think almost everyone's given up on value neutrality, as there's always a 'hidden curriculum').
Then there's the extent to which we regard education as the fixer of all social ails, or at least provide therapy to the individual, perhaps to ameliorate the worst effects of bad parenting. Or, at its most ambitious (and sinister), to bring about a new society.
Many of us would be favourably disposed towards the idea. But there have been numerous education movements before us. For instance environmental education, health education, peace education, teaching thinking (a la Edward de Bono), computer education, education for leisure (ie almost accepting that youth unemployment is intractable and hey, you gotta make the best of it) and much more.
Every pressure group in the country wants to get their stuff on the school curriculum to bolser their 'lifestyle choice'. Investment people included, no doubt. Just think of the scope for co-produced books and marketing opportunites that the big managed funds, real estate institutes and broking houses would jump at!
And, oh yes, in all this education it would help if the kids could read, write and add up as well!
My view is that those who propose teacher-time for their pet topic simultaneously propose cuts in other areas to make the proposal time-netural. But assuming we can do this, and financial education does get in, what should it include (assuming overlap with current topics)?
* Consumer education - deconstructing advertising, proving and disproving advertised claims, researching products you buy, secondhand shopping (benefits and hazards), making a complaint, alternatives to buying, environmental consequences of consumerism, shopping around, do you really need it and the concept of opportunity cost.
(a typical project could be to compare prepaid mobile phone plans and write on the strengths and weaknesses of each one!!!)
* Consumer finance - paying for things, cash versus credit, credit cards versus personal loans, interest free deals, concept of borrowing for depreciating items, alternatives to credit (ie not buy, buying secondhand, saving up).
* financial basics - budgeting, saving, value of saving over time, importance of habit, concept of compound interest, risk and reward relationship. Values: prudent spending, saving and self-discipline
* advanced finances - investing, different asset classes, tax and super, hazards and benefits of borrowing to invest, more risk and rewards, setting up a financial plan and linkage to life objectives, concept of financial independence. Giving and responsibilities of rich to society.
* the world of work - mostly identifying strengths, CVs and looking for jobs, but also setting up a business and self-employment as lifestyle choices.
This could be simplifed or made more advanced depending on the age. But the basic concepts are very simple and should only be a few lessons.
Regards, Peter
but I wonder if our tax dollars are being best spent in this way...
