Colleges visits for young adults

was thinking today would it be a good idea to go to college’s around the UK and promote to young adults about how important investing is for there future and pensions plans as free trade offer. I think it would really grow there business and open up to long terms customer as they will be young and have time on there side to make mistakes?

Or a young investment account for children 13+

Hi Jake, welcome! I’m a big advocate of this type of thing. Speaking personally, I was so irresponsible up until, well now 40, if I’m being truthful…!

I had a email conversation with Andrew Craig recently, the author of How to own the World and Spend Less, Invest the Rest…I had suggested to him about writing a book for ‘the kids’…13-18yrs!..something like that…It was good to hear that he has already started this, and hope to have something ready by the end of 2023…

I only stumbled upon investing via his books 3 months ago, and have been kicking myself ever since for being so stupid back in the day! Anyway, enough self pity, the change has been made now! My job now is to guide my kids (13 & 8) the right way!

Would be good to see companies such as FreeTrade promote this type of education and offerings that support it.

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https://www.moneysavingexpert.com/news/2018/11/financial-education-textbooks-funded-by-martin-land-in-english-s/

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That’s really good!! Thanks @Barbellion …Will send it to me lad now, who I’m sure will ignore!! One can try!!

Seems mad to me that you can leave school go into the wage earning world and not have been taught about the dangers of debt, store and credit cards, having no pension outside the state one etc which is excactly what happened to me. Every chance it will go in one ear and out the other (me again) but in future years you might start thinking about financial things and go back to what you had been told.

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I don’t see schools/colleges allowing this as they might view it as getting children/young people into parting with their money and then if investments go down then there would be merry hell to pay.

Young person - “I lost money coz college told me to open an isa. College is to blame, I want my money back”

College - “we wont be allowing businesses in to promote their products”

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This is also a valid point @Coolsmp :slight_smile:

I was genuinely clueless when it came to finance, I went to university late (20s) and came out straight into employees (gratefully) but was in a heap of debt, credit cards, store cards and the like. This wasn’t even including my student loan! It probably took me until my early/mid 30s when I cleared the majority…I now have a small low interest loan running, and no cards or anything…Downside is that I’m also still renting so don’t own a property…Never know if this is a good thing or not!!

You will laugh but I was only able to start looking at my online banking about 6months ago, I used to let my wife manage it! It was almost like I was scared of looking at it!! I laugh now, but then think how many other people go through/are going through the same…

The last few months of getting my act together and educating myself has been pretty liberating, although my wife is getting a bit ticked off with me talking about it all the time and stashing money away!! :laughing:

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I do understand stand your point. There must be a way to get it out there to the younger people ahah maybe I should just keep spreading the word myself see what happens :joy:

I was just speaking about this last night about the lack of teachings about tax, national insurance, banks, investments, mortgages etc that when I was at school we never got taught but what we did get taught was that pointless sex Ed class where up until sex Ed we did nothing this was the class that this type of stuff should of been taught.

I had my first house age 15 just turning 16 with zero skills and this is why I think it should be taught, I was Luckly in the fact I had key workers etc and 24 hour support in my hostel but I can guess many 16y year olds who leave home or have to don’t get as much support.

I know they get a worker as their classed as vulnerable and we do now have teams that help the wider community and refer you to things like income max in the council etc but still I have kinda went off on a tangent, my point above still remains.

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But there is always a disclaimer that you can get back less then you put in just like our work place pensions state this as well.

Young people will part with their money buying drugs, going to benidorm or doing whatever they want at the end of the day though at least they got some insight about it some may leave it some others who are interested may delve deeper into it.

The amount of parents I see who don’t use kids savers, isas etc when they have had good rates for decades astounds me. Then when their kids 16 etc they try fork out big cash for driving lessons and cars etc which could of been paid by the isa etc if they had started it from when the baby was born until age 16 or whatever, even if just small amounts.

But I see your point still that everyone will always lool for someone else to blame and that’s another good life skill people should quickly fling in the trash can.

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I was taught education for living at school. An hour a week. Was really good taught you how banks and banking worked. Also things like tax. Was back in the eighties so lots has changed. Who remembers cheques :crazy_face:. But something similar would be great. I’ve tried to explain this stuff to my kids but I’m just a parent what do I know. Hopefully some of it will go in and help eventually

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Once profitable, I’d like to see FT develop a charitable side mission focused on financial education.

As an example, Literacy Capital (BOOK), a private equity investment trust, donates a percentage of its net asset value each year to improving literacy among children in the UK.

https://www.literacycapital.com/home/default.aspx

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