Merryn
Somerset Webb’s post about financial education in The Financial Times is where
I would declare “touché” because of its precision. Webb made it clear that
financial education would only level up the confusion that banks and lenders
have already begun. These educated children may even develop new financial concepts
and financing that would leave out the rest of the world, causing grave
troubles for financiers.
A financial
arms race. How about that. Webb’s opinion is quite elaborate but highly
feasible. But it is not likely to pass because she also said that High School
education or even College General Subjects are often forgotten right after
students have graduated. I mean, do you even remember your final score on your
home economics class in High School and the things they taught you there?
Aside from
pointing out the unnecessary subjects in High School and College, I would also
point out that before one can teach financial education, they should first
learn accounting, algebra and mathematics involved in finance. Unless you are
in industrial design, math theoretical science or astrophysics, math is usually
used in daily finance.
Webb is right
to point out that math is the key, not the understanding of deals. Although I
would say understanding the basic financial concepts introduced in most terms
and conditions is a good way to educate the young, it wouldn’t be a good idea
to teach them how products work. Remember, these kids will also become future
salesmen, who Webb describes as “clever” and “psychopathic.”
