Teaching kids about finance.....

I see from the MSM that teaching kids about '...personal finance...' will become part of the UK National Curriculum from September this year.

No doubt a laudable objective, but has anyone seen how this will actually be done in practice, by whom, and what specific subjects are to be covered in the curriculum ?  God forbid that sharks from the major banks are allowed to be visiting lecturers....

I'm really looking forward to the day 10 or 15 years hence when someone sues the State because their teacher happened to mention to an eight-year old that he/she has an account, investment fund or holds shares in any particular company, which then goes tits-up soon after the first students from this new regime manage to get enough money together to invest in it.

Watch this space....

Financial Planning - 2014 Review

Towards the end of the previous tax year, I set up several Excel worksheets and established a 10-year plan for our savings, investments and pensions.   A bit like the old Soviet Union, I know, although theirs was always a moving five-year plan !

Although we've been saving and investing for many years, it was decided to create a more formal plan to focus our efforts to match our goals, and establish annual targets against which to review the performance each year.  

Like a roadmap to a destination, if you don't where you want to go, or the route you're taking to get there, then it's difficult to know where you are at any point in time, or if and when you've actually arrived.   

Many blog commentators monitor their similar plans at the start of each new year but for several reasons I prefer the end of March, at which time I can also better predict our income tax liabilities for the following year.