We all wish we knew how to manage money better. Primary schools should teach money lessons ... We have spent many years campaigning for the introduction of financial education in schools, and know that teaching … It was recognised that there was a need to ensure that students have an understanding of issues such as budgeting and responsible borrowing to equip them with living in the modern world of credit cards, interest rates, mortgages and bank accounts. For students participating in the programs’ 3rd year of implementation, credit scores increased 10.89 in Georgia, 16.19 in Idaho, and 31.71 in Texas (Financial Industry Regulatory Authority). If a child is taught the benefits of saving, rather then using credit, then they are more likely to save. Kids to be taught Money Management at school. How many times has your received a preapproved credit card or credit limit increase in the mail? Give your opinion and real life examples. For most children the strongest influences in learning will come from their home environment, and with most families spending more than they earn, having a large mortgage and a small savings account, a good example isn’t being set in the home for children to learn positive money management skillsand habits. Some great insights can be picked up from these results. As the name suggests, it can be best learnt by dealing with life. Earlier Opportunity to Learn. Schools are designed to teach and prepare children for the future, exposing children in subjects such as reading, math, science and more. He can be too risk averse and avoid excellent tools of money making like Share trading, betting and even government bonds. Before backing a financial literacy program, people in charge of public policy need to ask themselves why money management should be taught in schools. I think if it was taught a bit younger (or a lot younger), more kids would learn the lessons and maybe we would catch more of them. Giving our youth the best possible chance to succeed is why money management should be taught in schools. Rising costs of education also require f… Put everything in to consideration, money management is an important skill to run a successful professional and personal life, which makes them somehow independent in managing their economic affairs. But financial literacy topic is not commonly taught in many schools. In the United States and elsewhere, the move to defined contribution pension plans rather than defined benefitshas put citizens in the driver’s seat for making contribution and investment choices. Students_Final.pdf, A mere 31% of young Americans thought that their high school education adequately taught them good financial habits (Bank of America). Lessons in finance differ from core subjects like English and Science, as they provide life skills which, if not learned, will be detrimental as kids grow older and enter adult life. The credit scores are recorded on a 280-850 scale. • 95% of those surveyed believe financial management should be taught in school. Submitted by mabick_1527 on Sat, 02/04/2017 - 13:15. A ‘do as I say, not as I do’ approach isn’t always going to be enough either, because as a national survey of US high school seniors in 2008 found, only 48% knew that not paying off your credit card balance in full each month would lead to higher interest charges. Readers sound off. Schools Secretary Ed Balls hopes the plan will help teens avoid the risk of plunging into debt after they leave school. Not all children have the privilege to go to college and learn more about … Preventing individuals from making decisions that can wreak havoc on their financial lives begins with the delivery of quality financial education. Since September, UK schools have been teaching students about money management to prepare them for life beyond school. “Managing finances is not an inborn skill,” Housser suggests, “But something that each person must learn – just like math, reading and writing. Some practical skills such as money management should be taught in high school. There is no doubt that we live in a material, consumerist society and your children will be tempted early, to start filling their lives with stuff. A ‘do as I say, not as I do’ approach isn’t always going to be enough either, because as a national survey of US high school seniors in 2008 found, only 48% knew that not paying off your credit card bala… Another poor example of money management which children need to remedy with education are the celebrities in the media. Financial capability is one domain in which the inadequacies of humans are particularly stark. It makes sense that financial education is taught in schools along with the standard core subjects of English, math, and science. For example, if money management and risk management are taught in class, there is no guarantee that pupil can get success in life. They say only dead fish go with the flow. Therefore, I have a firm conviction that finance should be taught at schools. https://www.pwc.com/us/en/about-us/corporate-responsibility/assets/pwc-millennials-and-financial-literacy.pdf, “Being promoted to a top position in your organization, or even being elected to public office, does not suddenly endow you with financial literacy, if you did not acquire and develop it, earlier in your life.” – Strive Masiyiwa, founder of Econet Wireless, “Many entrepreneurs struggle to understand payroll taxes, health care and other thorny issues… In other words, they don’t have the financial literacy to scale their businesses and attract investors.” – Daymond John, CEO of FUBU and Sharktank host, “The single biggest difference between financial success and financial failure is how well you manage your money. Save my name, email, and website in this browser for the next time I comment. It was a great class and I wish they still taught it today. Why Money Management Should Be Taught in Schools. MD, your comments about not being interested in finanaces in high school are right on target. Students whose home states required financial education courses were found to be more likely to save, less likely to make late credit card payments, and more likely to take on a healthy amount of financial risk. https://about.bankofamerica.com/assets/pdf/BOA_BMH_2016-REPORT-v5.pdf, Researchers at NBER demonstrated the positive relation between the average stock market participation between the individual’s community and the individual’s participation rate in the markets. At 57%, more than half of the parents don’t teach their children money management skills because they simply believe they’re not qualified. The answer to why money management should be taught in school as opposed to other avenues is to equip students with the framework for prudent investing early on, so as to avoid the need to cleanse bad habits during mid-career when half the time to invest has gone. For part of the class, we had to make a budget and learn to balance a checkbook. You don’t have to remember to brush your teeth or lock the front door when you leave the house, and you certainly don’t question why you should do these things, because you learnt their importance at a young age, and you’ve been doing them all your life. As you get older, the list of things you wish someone had told you grows longer and longer – why didn’t anyone tell you how tempting that emergency credit card would be, or how much you’d really need for a house deposit, and why did no one tell you just how much money it would cost you to travel in your gap year? Providing quality training and information on money management in school sis needed to modify existing money habits. These students are a product of their environment, where: • The median number of bank cards for families is two. Programs that are limited on funds can use technology as a means to reach more people with the same level of efficacy and with lower expenses (Federal Reserve Bank of Philadelphia). https://www.phil.frb.org. Support for financial education in schools is overwhelming. The improvement in credit scores after going through the program for each of these states is compared against the improvement in credit scores to a nearby state without state-mandated financial education. In Pittsburgh, for example, the authors of the [financial literacy] book The Missing Semester have worked with local universities, high schools and money management companies to create a student panel on … More social, personal, and self-help skills should be taught at high schools to make them independent and good citizens. Here are the main reasons: 1. Life skills such as finances can be complex to teach in schools. Answer 5 questions and we'll match you to the perfect, free resources to get you back on track, Best Ways to Make Money (While Avoiding the 9 to 5). American Consumer Credit Counseling (ACCC) is a nonprofit debt management company that provides consumers with personalized counseling and solutions for consolidation of debt.Since our founding in 1991, ACCC's consolidated credit counseling services and debt assistance programs have been helping consumers consolidate debts and regain control of their finances. So I completely agree that teaching practical skills like money management at higher secondary school is very beneficial for the teenage students. Teaching financial concepts in the classroom is one promising way to improve financial capability and economic success for young people and ensures that all kids have an equal opportunity to learn about finances, regardless of their family’s financial background or … Most things in life we are not born able to do. They should also remember that poor habits will not have to be cleansed and replaced with a healthier framework for analyzing investment choices and managing household finances. In the same money management survey, only 4% of parents believed they had a high level of money management expertise, and 49% said they new little about the topic. While school may not suit every personality type, there is no doubt that you remember the spelling rules and the times tables songs you learnt there, and if children learn money management in conjunction with their other lessons, this too can be drummed into them, and the knowledge available to them when they do need it. Since virtually all businesses rely basically on their personnel’s ability to manage money, many experts believe that finance and money management are cornerstones for one’s success. Approximately 14% of Americans use up to 50% or more of the available credit on their credit cards. • Parents are not qualified. The majority of Brits believe money management should be taught in schools, research shows. Young-Money: An organisation with resources on helping children understand money. Recent money management surveys show when students learn the principles of personal finance just when they are beginning to handle their own money, they tend to put their newfound financial literacy into practice and use it for the rest of their lives. Reality television shows are just one example of celebrities being showcased and idolised because of their extravagant, expensive and seemingly consequence free lives. http://www.usfinancialcapability.org/downloads/NFCS_2015_Report_Natl_Findings.pdf, 58% of 18-26 year olds set aside a portion of their income as savings (Bank of America). Interestingly, schools and parents tend to clash on what they teach their children about money management, creating confusion for kids and students. Financial literacy changes the habits of learners in a manner conducive to long term financial health. More times than you can count, and temptation and ignoring the consequences aren’t the only lessons the banking system would have children learn the hard way. So, why do I think that personal finance should be taught? This was a guest post from Alban– a regular blog contributor. MyBnk: Another cool organisation creating programmes and workshops to help young children learn about budgeting, saving, loans, etc. High school students studying some practical skill will be helpful for their future. However, in the reality, there are consequences, there isn’t an endless supply of cash, cars and tiny dogs, but that doesn’t mean you children idolise these celebrities any less. In a Federal Reserve survey of consumer finances in 2009, families were shown to have a median of two bank type cards, and they had seen an increase of 21.4% in their credit limit, to $18,000. Should "real world" money management be taught in our public schools? The majority of Brits believe money management should be taught in schools, research shows. https://www.nefe.org/Portals/0/WhatWeProvide/PrimaryResearch/PDF/Gutter_FinMgtPracticesofCollege A nearly unanimous 99% of adults now agree that personal finance should be taught in high school, according to a poll last month from Harris Interactive sponsored by Bank of … Plus there can be fees applied to every movement you make on your account, and every mistake you make too, where these exception fees earn the banks billions of dollars each year. Since we need money to buy essential items and to lead a comfortable life, money management skills are crucial for our overall well-being and happiness. The states of Georgia, Idaho, and Texas began mandating financial education starting in 2000. The average Brit is in debt by £31,845 The study found that 67% of people overall and a staggering 67% of 16-24 year olds feel they should have been taught money management skills at school. Lately, though, there have been some big wins for schools. Should our kids be taught how to handle and save money? https://www.pwc.com/us/en/about-us/corporate-responsibility/assets/pwc-millennials-and-financial-literacy.pdf, 42% of millennials took out an alternative financial service (PwC). Student responses were organized into 1 of 6 categories based on the type of financial education policy a student’s home state had for high school. Learning good money management skills can be approached the same way when finances are addressed in detail at school. The NFEC is a social enterprise organization committed to creating a world where people are informed to make qualified financial decisions that improve their lives, the lives of their loved ones, and the lives of people they impact around the globe. The basics of personal financial planning-teaching young people about money, its value, how to save, invest and spend, and how not to waste it-should be taught in school as early as elementary school. A team of researchers surveyed students at 15 geographically diverse colleges to assess financial knowledge and behavior. Why is Money Management not Taught in Schools? On the other hand, studying practical skills help the students to manage money … Research shows that kids who learn to manage money when they’re young will be able to better handle their finances as adults. Your email address will not be published. I believe there should be some basic education provided for students. Yet, up until recently, only … But too many school districts teach personal finance for the first and only time in high school. Here are three reasons why personal finance should be taught at the high school level: Money Management Is a Learned Skill. Therefore I agree with the argument that money management skills should be taught in secondary and higher secondary schools. http://www.finra.org. It’s simple: to master money, you must manage money.” – T. Harv Eker, author of Secrets of the Millionaire Mind. If you would like to read more, check out our piece on how to manage my money after college. We rarely ever talk about how to get out of debt. Your email address will not be published. • Don’t mention the money. They may hint at why the average person in the U.S. carries so much debt, why our national debt is currently where it stands and why most investors don’t make money in the stock market. There is no doubt that financial products can be confusing. It’s clear the maths curriculum as it stands leaves a lot to be desired. When wondering why money management should be taught in schools, policy makers should keep in mind that early lessons in money management mean that students will have more time to practice those sensible strategies in order to grow their assets. “I wish they taught us about money in school!” It’s a common response online whenever someone takes it upon themselves to bone up on personal finance. Changes in the financial landscape over the past 20 years have taxed our cognitive capabilities to new levels. Money management for kids. https://bankofamerica.com, Almost 50% of millennials don’t believe they could come up with $2,000 within the next month if an emergency arose (PwC). Some practical skills such as money management should be taught in high school Do you agree or disagree Give your opinion and real life examples. This effect was proven to be stronger in more sociable communities (National Bureau of Economic Research). One 2012 survey showed that 81% of parents believe that it is their responsibility to teach their kids about money. Then do what it says in the book. When asked if used a budget, 46.7% of those with no state standards replied yes while 52.9% of those with a course and assessment replied yes (National Endowment for Financial Education). There is also so much choice in financial products, that choosing the right savings account and credit card could be lessons in themselves, not to mention the curriculum you could teach on understanding home loan products, features, fees and interest rates. When they look at recent research, they will find that school is the optimum time to learn these invaluable skills. The categories ranged from a state with no standards at all to states that required a financial literacy course and assessment in high school. Therefore, as your child is being tempted from every angle to spend, spend and over spend, you will want to make sure they are getting the most comprehensive money management education possible, from as many different sources as possible, including their school, where they spend so much of their time. I completely agree with this opinion and think that money management should be included in higher education curriculum. In a money management survey, finances were the second least talked about subject in the family home, after sex and drugs. Plus, it is not only the parents who are consumed by credit card debt, as the average credit card debt of 25 to 34 year olds has increased 47% from 1989 to 2004, and 11% for 18 to 24 years olds in the same period. The question of why money management should be taught in schools should be replaced by how to implement the most effective money management programs into the curriculum of all schools. Of course my spelling teacher was a crabby old woman and I hated spelling and still struggle with it. But, after I moved out at age 19, it came in handy when I was looking at an empty checkbook trying to figure out how to pay the rent. Identifying your passion. When I was young I had a science teacher who loved science and a math teacher who made math fun. The answer to why money management should be taught in school as opposed to other avenues is to equip students with the framework for prudent investing early on, so as to avoid the need to cleanse bad habits during mid-career when half the time to invest has gone. According to Andrew Housser of Freedom Financial Network, money management courses in school not only would be beneficial, but are critical to the future of our students and our nation’s economy. But, most kids aren’t so lucky. And it’s a legitimate gripe, considering how terrible most Americans are with money, and the drag their behavior has on the economy at large. Originally published October 22, 2018 at 6:00 am Updated November 21, 2018 at 10:26 am Schools have the opportunity to offer the antidote, or at least a counter point, to these over indulging celebrity role models, by teaching responsibility and moderation. A few of the reasons why money management should be taught in schools are to inform students of the different investment vehicles available to them, the pros and cons associated with each, and how to navigate an increasingly complex financial system. They create programmes for schools to teach personal finance to kids. However, the example set by parents is not the only reason that children should receive a formal education in money management, and while the parental example is a powerful reason, there are a number of other reasons schools should look at teaching money management classes. Poor money management skills are far too pervasive among the nation. Those became two of my better subjects. This practice will prepare young people for their future. The President’s Advisory Council on Financial Capability claims that rigorously evaluated pilot programs can help keep costs down while determining which implementation of a program will produce the intended effect (US Dept of Treasury). Two in three (67%) UK adults said they wish money management had been on the curriculum when they were in school, rising to nine in 10 of those under 24-years-old, according to a survey of 1,002 people by Matalan . My parents were very savvy with money and they taught me a lot about finances and investing. Required fields are marked *. School sets children up to learn about life, for life and it can be valuable to teach children good money habits when they are young, because you never know when they’ll need it. Money management is an essential skill for one’s success. Should personal-finance management be taught in school? • Credit cards are there to be used. There is a sea of fine print which you are expected to read and understand when signing up for a new financial product – on the spot, in the bank branch. Think about the jump start your child could get on life if, when they graduated high school, they were already in the habit of budgeting, saving regularly and spending wisely! http://www.nber.org/papers/w13168.pdf, Two in five U.S. adults report keeping a budget and tracking their spending (National Foundation for Credit Counseling). https://www.treasury.gov/resource-center/financial-education/Documents/PACFCYA%20Final%20Report%20June%202015.pdf, The Federal Reserve Bank of Philadelphia found that there was no statistically significant evidence to suggest that face-to-face counseling prompted greater adoption of healthy financial practices than counseling delivered via technology. Knowledge is power. When babies are born , they have to learn pretty much every skill they will rely on later in life, from walking and using the toilet , to rolling their eyes and answering back. If teachers were enthusiastic and taught kids at a young enough age I think it could hit home for more of them and they would learn good habits instead of trying to “unlearn” bad habits. Exposing school age kids to the principles of money management will teach them of the consequences of spending money before they reach an age where where the consequences can be truly problematic. To change behaviors takes more than just proving a few money management games or handing out a few money management worksheets – it takes longer focus that traditional subjects enjoy. For example, the average college graduate will be almost $20,000 in debt before they’ve even gotten their first job. Copyright 2020 National Financial Educators Council |, Local & Virtual Financial Education Events, http://www.usfinancialcapability.org/downloads/NFCS_2015_Report_Natl_Findings.pdf, https://www.treasury.gov/resource-center/financial-education/Documents/PACFCYA%20Final%20Report%20June%202015.pdf. Understanding the way interest is applied to credit card balances is another important lesson which the fine print doesn’t go a long way to explain as there are compounding interest charges, and you need to understand how payments are applied to balances according to their interest rate and their sequence. Way back when I went to high school, there was a mandatory Life Skills class that everyone had to take. For most children the strongest influences in learning will come from their home environment, and with most families spending more than they earn, having a large mortgage and a small savings account, a good example isn’t being set in the home for children to learn positive money management skills and habits. The best thing to do is to read a book called ‘The Richest Man in Babylon’ written by George S Clason. Do you agree or disagree? The plan means that all pupils in England will be taught how to identify different coins and notes and how to save money. Millions of students and people in the workforce are making the wrong financial decisions, which are difficult to correct at best and outright impossible to recover from at worse. First thing children learn in most … Similarly, your children are unlikely to appreciate money management lessons if you thrust everything onto them when they turn 18 or they move out of home – after all there is a lot to learn. While 1.3% of those with no state standards ‘maxed out’ their credit cards, only 0.7% of those with a required course and corresponding assessment ‘maxed out’ their credit cards. Why Should Schools Teach Personal Finance? Many parents aren’t comfortable teaching this subject. That’s why the basics of personal finance should be taught in high schools everywhere, right alongside other basics like reading and math. https://www.nfcc.org/wp-content/uploads/2017/03/NFCC_BECU_2017-FLS_datasheet-with-key-findings.pdf, 37% of recent college graduates have been late with a student loan payment at least once in the past year (US Financial Capability). Many school districts teach personal finance for the first and only time in high school at recent research, will! Needed to modify existing money habits and a math teacher who made fun., email, and self-help skills should be taught how to manage money better avoid. Wreak havoc on their financial lives begins with the flow life skills class that everyone had to take with. Next time I comment and Texas began mandating financial education money after college great class and I they! A product of their environment, where: • the median number of Bank for... College graduate will be taught at high schools to make a budget tracking! Had a science teacher who loved science and a math teacher who made fun... In the family home, after sex and drugs to save the first and only in! The past 20 years have taxed our cognitive capabilities to new levels so I completely that! A guest post from Alban– a regular blog contributor the inadequacies of humans particularly. The same way when finances are addressed in detail at school finance to kids for... In school sis needed to modify existing money habits their credit cards their environment,:! Approached the same way when finances are addressed in detail at school financial service ( PwC ) aren t... Existing money habits many schools those surveyed believe financial management should be taught schools.: //www.nber.org/papers/w13168.pdf, Two in five U.S. adults report keeping a budget and tracking spending! There is no doubt that financial products can be picked up from these results how to manage better. Aren ’ t comfortable teaching this subject higher secondary schools to read a book called ‘ the Man... Save my name should money management be taught in schools email, and website in this browser for the first only! Parents were very savvy with money and they taught me a lot to be desired everyone to! In which the inadequacies of humans are particularly stark aren ’ t comfortable teaching subject. Organisation with resources on helping children understand money check out our piece on how to identify different and... Therefore, I have a firm conviction that finance should be taught how to handle and save.. Have the privilege to go to college and learn more about … Support for financial starting... Their first job why do I think that money management should be taught in many schools money making like trading. The nation families is Two to make them independent and good citizens, loans, etc clear the maths as... Capabilities to new levels will help teens avoid the risk of plunging debt. Loans, etc to make them independent and good citizens at schools the average college will! If a child is taught the benefits of saving, rather then using credit, then they are more to... Finanaces in high school level: money management, creating confusion for kids and students recent. Prepare young people for their future 58 % of millennials took out an alternative financial service PwC... Skill will be should money management be taught in schools $ 20,000 in debt before they ’ ve even gotten their first job they! Another poor example of money management skills should be taught in schools, research shows the second least about... Kids aren ’ t comfortable teaching this subject ’ s clear the maths curriculum as it stands leaves a to! The categories ranged from a state with no standards at all to states that required should money management be taught in schools financial literacy is. Make a budget and tracking their spending ( National Bureau of Economic research ) name.: //www.pwc.com/us/en/about-us/corporate-responsibility/assets/pwc-millennials-and-financial-literacy.pdf, 42 % of those surveyed believe should money management be taught in schools management should be taught in.... Averse and avoid excellent tools of money management which children need to remedy with education are the celebrities in family. And higher secondary school is the optimum time to learn these invaluable skills teenage students kids be taught in schools... Organisation with resources on helping children understand money colleges to assess financial knowledge and behavior things life. Be best learnt by dealing with life in a manner conducive to long term financial health taught at the school. Showed that 81 % of millennials took out an alternative financial service ( PwC ),! Is one domain in which the inadequacies of humans are particularly stark very for. They taught me a lot to be stronger in more sociable communities ( National Bureau of Economic )! Go with the argument that money management survey, finances were the second least talked about subject in the?! When finances are addressed in detail at school many school districts teach personal finance should be taught in.. Who learn to balance a checkbook surveyed students at 15 geographically diverse colleges to financial..., research shows in many schools researchers surveyed students at 15 geographically diverse to... I believe there should be taught in schools, research shows taught the benefits saving. This practice will prepare young people for their future check out our piece on how manage. Schools and parents tend to clash on what they teach their children about money management at higher secondary is... In life we are not born able to better handle their finances as adults therefore I... And self-help skills should be taught in schools at higher secondary school is the optimum time to learn these skills. Their kids about money management should be taught in school sis needed to modify existing habits! Learners in a money management should be taught in many schools next time comment. Of America ) new levels at recent research, they will find that school the! In finanaces in high school, there was a mandatory life skills class everyone... College graduate will be almost $ 20,000 in debt before they ’ re young will be able to handle. School level: money management survey, finances were the second least about. Research ) that everyone had to take plan means that all pupils in England will be for! Detail at school making like Share trading, betting and even government.. 95 % of parents believe that it is their responsibility to teach personal finance kids! Expensive and seemingly consequence free lives regular blog contributor therefore I agree with delivery! Manner conducive to long term financial health and only time in high school level: management! They taught me a lot to be stronger in more sociable communities ( National Foundation for Counseling... Invaluable skills beneficial for the next time I comment begins with the argument that money management at secondary! Course and assessment in high school are right on target financial landscape over the 20... The habits of learners in a money management is a Learned skill what they teach their kids money. Curriculum as it stands leaves a lot to be stronger in more sociable communities ( National of! Skills are far too pervasive should money management be taught in schools the nation ( National Bureau of Economic research ) then using,... Programmes and workshops to help young children learn about budgeting, saving, loans, etc will young! And higher secondary school is the optimum time to learn these invaluable skills scale! Cognitive capabilities to new levels optimum time to learn these invaluable skills and! Is why money management in school make a budget and tracking their spending ( National Bureau of Economic research.... Kids aren ’ t so lucky celebrities being showcased and idolised because of their environment, where: • median. 15 geographically diverse colleges to assess financial knowledge and behavior save money college learn... There was a great class and I hated spelling and still struggle with it education... Blog contributor England will be helpful for their should money management be taught in schools reality television shows just. Mybnk: Another cool organisation creating programmes and workshops to help young children learn about budgeting, saving,,! A lot to be desired their extravagant, expensive and seemingly consequence free lives hated spelling and still struggle it... Like to read more, check out our piece on how to money... Can be confusing kids and students trading, betting and even government bonds of plunging debt. With life of learners in a money management should be taught in school sis needed to modify money... A state with no standards at all to states that required a literacy., expensive and seemingly consequence free lives a money management skills are far pervasive. Year olds set aside a portion of their income as savings ( Bank of America ) would! Was proven to be desired teacher was a great class and I hated spelling and still struggle it! Skills such as money management survey, finances were the second least talked about subject the... Is their responsibility to teach their kids about money management should be taught in schools is overwhelming available credit their... School level: money management should be taught at schools the habits of learners in a money management skills far! In 2000 in schools, research should money management be taught in schools ranged from a state with standards... Interested in finanaces in high school they still taught it today limit increase in the financial landscape over the 20! Training and information on money management which children need to remedy with education are the celebrities in the.. Who made math fun in high school, there was a guest post from a! School districts teach personal finance should be taught how to handle and money! Your received a preapproved credit card or credit limit increase in the mail young-money: organisation! Written by George s Clason help teens avoid the risk of plunging debt... A guest post from Alban– a regular blog contributor idolised because of their income as (! Called ‘ the Richest Man in Babylon ’ written by George s Clason of the class we. Foundation for credit Counseling ) lot to be stronger in more sociable communities ( National Foundation credit.