The benefit to the country
by, 8th-September-2007 at 07:35 PM (10596 Views)
Thanks all for the comments on my first blog.
Tech, your comments are always appreciated even if they are cryptic
Chops I intend to follow up your point at a later date (but know what your getting at )
ASX.G this following blog will hopefully follow up on my interpretation of some of the issues you have raised.
I have been thinking lately about the education at tertiary level in Australia, and even at secondary levels. I should state first up that i know nothing is going to change so im not trying to achieve that, and all of the following is just hypothetical.
I have been thinking of ways in which we could improve the financial education of the nation. Although as ASX.G stated Australians are probably more financially savvy than a lot of other countries, there is still a lot which could be done.
A 'study' i would be interested in doing (although never will) is the affect of introducing a mandatory basic finance course in high schools nationwide. This course could cover simple things such as compounding interest, basic market information and most importantly budgeting.
I would be interested to see the result of the positive impact upon GDP, lower housing foreclosures, nett worth and various other financial indicators. Obviously not all students would take notice but if even 10% did and then passed that knowledge onto their children etc etc i believe it would vastly improve the economy as a whole, no matter what the current climate was.
I think that some people never really stand a chance, as if parents have no idea about budgeting, how are their children supposed to? I am fortunate enough to have had both parents who are financially savvy. I believe that the cost of implementing such a program would be well outweighed by the economic benefits. Although of course it will never happen as any western government is too short sighted.
I also know that markets (and countries) need people with all levels of knowledge, skills etc etc, but obviously those types of people who borrow too much/spend too much/dont save would still be present, just fewer of them.
I would be interested in other opinions out there...
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