Recently, I did something I haven’t done in 40 years. I went back to my old high school – Mazenod College in Mulgrave, Melbourne. I’d received an invitation from the ‘Mazenod Old Collegians Association’ to join a tour of the school. For the most part, I had fond memories of my years at Mazenod College and decided it was about time I went back and have a look at how it had changed.
And boy had it changed! I was truly amazed at the range of facilities now in place at the school. An enormous indoor basketball stadium stood on the spot where there once stood a yellow portable classroom which our class occupied for a couple of dreary months during the winter of 1974. Gone was the uneven, muddy footy field, replaced by immaculate looking synthetic grass. Apparently it ‘only cost $1 million’…gulp! There was a state of the art library, including a 300 seat theatre complex. There was even a building dedicated to providing students with cooking classes, which looked like a set from MasterChef.
I asked, Sean, our tour guide (an ‘old boy’ himself) whether the curriculum itself had also changed. Sean proceeded to rattle off a range of subjects. ’Is Financial Planning 101 on the curriculum, Sean?’, I asked. Sean looked at me, paused for a few seconds and replied, ‘well no, not as such, but we do offer Accounting’.
That was my cue. I stepped onto my ‘soapbox’ and shared with him my experience of 20 years in financial planning. That many, many people are essentially ‘illiterate’ when it comes to their own financial planning. They leave school with a trade or a profession, but not the first clue about managing their own money and taking responsibility for achieving their financial goals. And the problem can be sourced back to their education. Many school curriculums include worthwhile and useful subjects (and quite a few useless ones). However, to my mind, we’re providing our children with a disservice if we don’t provide them with the knowledge and tools to manage their own money. Many people, after they’ve left school, recognise the gap and seek to redress it. And some of those find their way to financial planners, like The Investment Collective where the focus if not only on establishing a personalised financial plan and reviewing it on a regular basis but bringing people up ‘the learning curve’ in their understanding of personal finance and investments
Sean was pretty interested in all of this and asked me whether I’d be interested in speaking to some of the students on Financial Planning 101. ‘Absolutely’ I replied.