Barefoot Investor Scott Pape has secured a major win in his mission to guarantee money education for Aussie kids, as debt continues to rise.
And Pape — known as the Barefoot Investor — warns Australians need to get control of their spending now, before interest rates “inevitably” go up.
NSW Treasurer Dominic Perrotet and Minister for Education Sarah Mitchell, who have both been speaking to Pape, will Sunday announce a new financial literacy challenge to “help children develop positive money habits”. Pape, who is also a News Corp columnist, says Mr Merlino is keen to make sure all Victorian school kids learn the basics offinancial education.
“No one seems to be worrying about it right now, not the government, not consumers, no one because interest rates are so low. “That’s effectively what the Reserve Bank is saying right now because the money that you are going to get on your savings account will be worth less after inflation and taxes, and so that doesn’t make sense that that can be sustainable over the long term.
“But for the two-thirds of Aussies who either own their homes outright or are paying off a mortgage, higher home prices serve to boost wealth levels,” he says.Scott Pape’s Money Movement airs on Foxtel on June 23 “I think it needs to be mandated,” she said. “So that every kid can walk away and go ‘Yep, I’ve got an understanding of this’.”Get buzzed about saving ... Mariya blends her credit cards in Episode One.The Australian Education Union maintains financial literacy “is critically important for students so that they can understand personal finance such as savings, debt, credit card traps, budgets and taxation,” according to Federal President Correna Haythorpe.
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