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Tools for teachers to help the next generation of money maestros are moving online.

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Started by Janine Mackay 12 Sep 2014 3:25pm () Replies (1)

Education reporter Lucy Townend recently attended one of the Financial Capability workshops being delivered around the North Island Primary, Intermediate and Secondary Schools to investigate what is happening with financial literacy in schools. 

http://www.stuff.co.nz/manawatu-standard/news/10454354/Teaching-kids-how-to-manage-money

Discussion that followed the article...

2 Comments
 

LynneLFinch7 days ago
 
Kids can learn to manage their own allowance and other money using a system as explained in my book “The No-Cash Allowance.” If parents “pay” their kids with a written deposit in an account kept in the home, kids learn to manage money as a number as in a bank account. By using this as the foundation for money management, parents can then help kids understand how interest, fees and other banking costs will change the bottom line. In addition, by assigning kids the responsibility of paying for some of their own expenses, such as school supplies, parents are transferring money they would be spending on their kids to their kids to manage. This help kids learn to plan for future expenses rather than wanting to spend cash as soon as they receive it. When kids have to “withdraw” money from the account they have to think about their choice and realize that their balance will get smaller. Lynne Finch, author “The No-Cash Allowance”
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NBL9 days ago
 
I work with money and people's payments, my biggest wish is that someone would teach people how bank accounts operate. Basically if you don't have any money you can't spend it. Banks charge penalties if you over draw your account. If you have a direct debit on your account that means you have to leave money in your account to honor that direct debit. The bank does not give the penalty money to the business that has tried to draw on your account, you will still need to pay that as well as the bank's penalty. It is no wonder banks make the profits they do, they have financially clueless clients that they are not about to educate, it wouldn't make financial sense to cut off a good source of revenue would it?

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