Thursday, July 23, 2009

financial education?

Adapted from this article in BBC:

The UK government is spending £11.5m to help its citizen to manage their finances better. As part of this project, local schools were visited and children were given personal finances lessons. To ascertain the level of financial knowledge these children (all aged nine) already have, some questions were asked and one of these was how much does a house in the UK cost.

A house on average cost £150,000.

One said £1,256.

Another said £3,000 for a big house.


So I decided to ask my brothers, Joshua and TT how much the house they are living in cost.

Joshua, aged 10.5, said, 'hmm..I think it's RM10m'. Then he hestitated, and finally said, 'no,'s RM100m!'

Timothy, aged 12, when asked, gave the question a deep thought. But finally he said, 'I don't know'.

'Just say any amount TT, what do you think?' I prompted.

'Hmmm...I think it's Rm160k'. He said carefully, watching my expression. 'Mummy told me before but I can't remember already'.

I know that a semi detached house in my area cost RM300k. So the house I'm living in, which is a detached house, is definitely more than that amount.

If Timothy answered that question 25 years ago, he would have got the correct answer. Haha. Seems like mummy have to update him on the prices of houses now.

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