2Yr·

Hey guys,

For many of us, financial education is an important factor in successfully managing our money and providing for the future. But shouldn't we already learn in school how to fill out a tax return or what an ETF is?

Personally, I think early financial education can benefit everyone. After all, the earlier we deal with it, the better we can prepare for the future.

What's your take on financial education? Have you had any lessons about it in school? And to all parents on getquin: How do you as parents, for example, promote the financial education of your children? I'm curious about your opinions and experiences!

#finanzen
#bildung

36 Comments

𝙼𝚊𝚗𝚞@FrauManu

2Yr

Early financial education is indispensable! Whether it should be the task of the school or the teachers, I leave now times undecided. For a while I thought similarly that the school should be in the duty. Since some years I think differently. Teachers are now partly on the "stick" - completely overcrowded classes - partly language barriers - partly inclusion kiddies - partly children who need additional support, or demand etc pp. I grew up with Olaf's savings book, money that Grandma has hidden between the sheets and the announcement of Dad "stock market is pure money burning" Logically, it was also never addressed in my school. Financial education I have taken over my kiddies themselves. With pocket money budgeting, saving and also treat yourself to something. Writing a shopping list and going shopping on a budget. Whereby that really, just came from the girls alone. In the end, I was probably the role model. Since Corona is with me stock exchange topic, accordingly constantly the flipchart stood in the living room where I scribbled and painted on everything possible. The interest, for what I did there, came from alone. I explained ETF on the basis of a bouquet (1 flower/1 share - 1 bouquet/ 1 ETF). You can also do great with noodles 🤣! The book "A dog named Money" was read, with 3 children something herrausfordernd, but it was mega interesting how they have tried to explain the topic to each other. Meanwhile, they are teenagers, two have mini-jobs, manage their finances alone, hack them, etc..
The eldest will soon set up a deposit with savings plan, it came voluntarily from her. In retrospect, I would of course, with the current knowledge, started much earlier, but at 18 I just had other things in mind ✌🏼

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IchPutzHierNur@IchPutzHierNur

2Yr

@FrauManu just not from teachers in schools. There are already enough idiots running around here without a plan. How is that supposed to be then?

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Pope Donkey XXI@DonkeyInvestor

2Yr

As a student, I don't have to file a tax return, nor am I allowed to invest in ETFs. Financial education is important. However, I think the examples you mentioned are a waste of time at school. For me, these would be more topics for vocational school, when you also earn your first money.

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Kevin E.@KevinE

2Yr

@DonkeyInvestor But many don't go to vocational school at all. In addition, some people already save before they start their training. I saved all my confirmation money and money from birthdays and Christmas. It was all in fixed deposits... I completed my Abi, Zivi, training and studies. For me, the knowledge would have been interesting at 14/15. But of course you can repeat it before graduation. In my bubble are actually the people who have "only" completed an education, all invested, but a large part of my academic friends are not. I think it should simply be considered general education and treated as important as political education.

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Pope Donkey XXI@DonkeyInvestor

2Yr

@KevinC If you come into money before 18, then you need your parents for an investment anyway. If they're not open to it, it probably won't work. If they are open to it, they will talk to you about it. An academic is also welcome to take a minor in finance. You can't pack everything into the school curriculum. There are so many subjects that are important besides math, German, English, .... I see financial education as one of many topics. School can't teach you everything, nor should it. Especially since the topic of finances becomes relevant for the majority only after school. And it certainly doesn't hurt to do something unreasonable with your confirmation money.

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Kevin E.@KevinE

2Yr

@DonkeyInvestor I see it differently. I would rather allow people to set up their own securities accounts at the age of 14. Perhaps limited to products that do not correspond to the highest risk category. Laws are not set in stone, of course, and academics are allowed to take a course. But often they just don't bother. And a social worker has no fewer problems with old-age poverty than an industrial mechanic. To be honest, I also see a lot of unnecessary school knowledge. Sure, math, German and English are important. Especially up to the 10th grade. But I think it is much more important to give children more freedom of choice. I was never interested in mitochondria, but I wasn't allowed to drop bio before 12th grade. Geology didn't exist at all, my advanced course in economics didn't teach me anything new even then, because I had a vested interest. Compulsory was also 2 out of 3 of the subjects music, art or performing arts. I'm all for a certain basic knowledge in all areas, but that is roughly ticked off from the 8th grade onwards. After that, it would make sense to take the interests of the adolescents into account and to leave a certain amount of freedom, I think.

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LoneMelone@TradingMelone

2Yr

@DonkeyInvestor Well, it's a good thing that drawing a few stick figures in art is so much more sensible ;) It's quite clear that in order to overcome the disenchantment with shares in Germany in the long term, trained teachers (who also invest themselves) have to educate people at school. If you knew how many people I know who are under 20 and who know more about economics and investment than 90% of the over 30s in Germany.

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LoneMelone@TradingMelone

2Yr

@KevinC I am in favor of a leverage trading course in the 8th grade. At least then the pocket money will benefit the economy.

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Pope Donkey XXI@DonkeyInvestor

2Yr

@TradingMelone well then, it seems to be going well already, with the financial education at a young age 😊.

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LoneMelone@TradingMelone

2Yr

@DonkeyInvestor Well, not really. Those are the exceptions. But that shows that young people also benefit from it.

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Pope Donkey XXI@DonkeyInvestor

2Yr

@TradingMelone no one doubts that either. The question is, what else do they benefit from? And what is the most important thing from which they could benefit?

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LoneMelone@TradingMelone

2Yr

@DonkeyInvestor Well, I think that financial provisioning is probably one of the most important issues in our current pension system. We both know what investing 2,5,10 years later can do.

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Pope Donkey XXI@DonkeyInvestor

2Yr

@TradingMelone but as a student you usually don't have the possibilities to invest big. Would therefore rather integrate it into studies / training

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187Finanzbande@187Finanzbande

2Yr

When I read through how bad German students are in math, I'm not sure if something like this really makes a difference😂.

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TomTurboInvest@TomTurboInvest

2Yr

Financial education is certainly important, but whether you should learn in school how to fill out a tax return... well, I don't see it quite that way. By the time you need it, everything has changed anyway, from the legal situation to the tool. But in principle I'm with you, you should get some basic knowledge and to stay with your example at least know what a tax return is. Unfortunately, the teachers today can no longer take over everything, they are mMn also not responsible for the education of my children. That is still the parents. Children are not influenced by what they learn at school, but by what they are taught at home. If there is a sensible way of dealing with finances and if the children are allowed to participate in this, financial maturity plus interest usually comes of its own accord. PS: I am not a teacher, but I have 2 children (10 and 13) for whom I manage a securities account, among other things. They are interested in the stock market and also in tax equalization, they know at least that you can get that again money from the state 😉

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Kevin E.@KevinE

2Yr

@TomTurboInvest You are making a big contribution to your children. In my opinion, it is not so much the "inequality" that is problematic, but the equality of opportunity in Germany. Many parents hardly know themselves or don't know at all...

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NiMe@NiMe

2Yr

apart from interest calculation, there was no practical reference to private sector finance.

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FairValue@FairValue

2Yr

The question is who should actually teach what exactly and on what premise (keyword investment advice and so on) On the tax return - often demanded, but in the end not thought through. Everything that goes beyond a standard employee with income-related expenses requires real tax expertise or methodological competence in tax law.

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NiMe@NiMe

2Yr

@FairValue and it changes every 2 1/2 weeks. Tax advice may(!) also believe only the official consultant.

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FairValue@FairValue

2Yr

@NiMe Tax advisors, lawyers, auditors and certified public accountants are licensed to give tax advice without any restrictions. This is not restricted to teaching, but it is clear that no normal teacher can teach it, and even students cannot understand it without prior basic knowledge.

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Claudia@CLMERo

2Yr

I started a commercial apprenticeship (bank) in 1990, we learned quite a bit about taxes and duties, tax returns, VL etc. and not in the bank-specific part. I think the subject was called general economics.

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Sparfuchs@Reinecke

2Yr

Financial education ? What is financial education? We had social studies in school, where it was explained what a corporation is and a limited liability company. What corporate tax means and how an economic cycle works and where the money actually comes from. What is inflation, what is recession. What are the means of the state to react to it. What is consumption and how to promote it. The whole school year there was then a stock exchange play that was however in all schools in our city. The 40 best groups were then allowed to Munich to the stock exchange + Babelsberg film studios (original setting Das Boot). Otherwise, just the usual one has saved you could afford what, you have splashed at the end of the pocket money was still quite a lot of month left. But yes I also think you should include applications in some school forms and in other social welfare applications in the curriculum.

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MJO@Inselkind

2Yr

It is probably wanted that no financial education takes place. If people were financially educated to a large extent, they would no longer pedal in the hamster wheel which is intended for them. They would no longer get into debt and stand like consumer idiots. No more buying things you don't need and no more leasing cars that you can't really afford. In short, any person who gets off the hamster wheel and takes care of his own finances won't be milked so easily anymore.

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Sparfuchs@Reinecke

2Yr

@Inselkind We trample through the fields, we trample through the seeds. Hooray we become stupid for us pays the state.

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Marcel@Marcelxy

2Yr

I am 21 and have acquired my knowledge myself. If there is an interest, it's easier than ever thanks to social media....

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Tim@investorsapiens

2Yr

This will be of 0 interest to most kids in school if the topic is not exemplified by parents at home. In my opinion, the first step is neither a tax return nor an ETF. It is the principle of saving, interest and the right handling of money. I can recommend the book Money by Bodo Schäfer. My daughter had a lot of fun reading the book with me.

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Tobi60@Tobi60

2Yr

At school, we had a stock market simulation in the fifth grade. That was in 1997, and we had already studied inflation, deflation, the ECB, and so on.

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