84% of young people get no financial education. That's not the real problem

Financial advisers need it more.

The Chartered Institute for Securities and Investment (CISI) said yesterday that it supported a private member's bill introduced by Thomas Docherty MP to include financial literacy in the national curriculum.

A study in July found that 84 per cent of young people aged 18-25 hadn't received any formal financial education. But it would be interesting to find out how formal financial education affects decision-making: if young people understand basic financial concepts, from inflation and interest rates, to stocks and shares, or how banks operate, will they be less likely to take out payday loans, max out their credit cards or take out unaffordable mortgages? 

You could easily argue that financial training didn't prevent bankers from excessive risk taking. Then again, until this year, financial advisers weren't required to hold more than the equivalent of an A-level in finance.

I remember once speaking to Christopher Jones-Warner, who teaches communication to wealth managers. He said that at his training sessions for financial services personnel he asks attendees to raise their hands if they"have a financial plan" are "working that financial plan" and therefore "expect to retire comfortably." He estimates only around 22 per cent of his audience raise their hands. If professionals aren't planning their finances sensibly, what hope is there for the rest of us?

This makes me wonder, perhaps the problem isn't one of formal financial education, but something more informal and more difficult to teach in a classroom— a question of ethos. It seems to me that it's more important that people are less reckless when it comes to taking on debt, than that they can tell an examiner what a derivative is.

This article first appear on Spear's.

Drive for financial literacy. Photograph: Getty Images

Sophie McBain is a freelance writer based in Cairo. She was previously an assistant editor at the New Statesman.

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Why Game of Thrones is the perfect show for the modern age

There is something horribly relatable about George R R Martin’s world of Westeros, whose characters have now become part of public myth.

By now, it feels as if George R R Martin – the author of Game of Thrones, narrative sadist and ruiner of all things beautiful and good – has been appointed scriptwriter for the news. I am not the first to observe this. Martin is famous for killing off everyone’s favourite characters and sending his stories careering into pits of bleak uncertainty just when you thought everything might turn out all right. Since Prince became the latest beloved star to die this year, it has become abundantly clear that life is imitating Game of Thrones, and there’s nothing to do but watch the next bit through your fingers and try to avoid spoilers.

The staggeringly popular HBO show based on Martin’s books is in its sixth season, and it is wild, glorious trash. I mean that as a compliment. I love this horrible, problematic show more than I can possibly justify, so I’ve stopped trying. It is hardly a social-justice warrior’s dream, given that it seems to be racing against itself to sexually degrade as many female characters as possible in the space of a 45-minute episode.

The argument for the endless misogynist violence is that it has to be shown, not to titillate viewers, absolutely not, but because that sort of thing just happened back in the murky medieval past. This would be a decent excuse if sexual violence were indeed a thing of the past; or, come to that, if Game of Thrones was actually set in the past, instead of in a fictional fantasy world where there are shape-shifters, zombies and dragons.

There is one aspect, however, in which Game of Thrones has a claim to being the most realistic show on television. Despite the wizards, the wights and the way every character manages to maintain perfect hair even when they’re being pointlessly tortured to death, there is something horribly relatable about Martin’s world of Westeros, whose characters have now become part of public myth. What sets it apart is not the monsters, the nudity or the festering gallons of gratuitous gore, but the overwhelming sense that the plot got run off the rails three books ago and is being steered towards a terrible precipice by a bunch of bickering, power-mad maniacs. This, coincidentally, happens to be the plot of the entire 21st century so far.

Viewers might tune in for what the actor Ian McShane called the “tits and dragons”, but they stay for the unremitting horror. Martin gleefully tramples over all the tropes of conventional sword-and-sorcery fiction. There are no noble quests or heroes’ journeys. Instead, horrible things happen to good people for no reason. Heroism goes extremely unrewarded. The few times injustice does get punished, it happens by accident. Fair maidens are not saved, protagonists are slaughtered at random, and war is always a stupid idea, even though the ­surviving cast members are still trying to solve all their problems by waging it.

Most fans of the show have idly wondered which warring noble house they’d want to be born into. Are you brave and upstanding like the Starks, an entitled aristocrat like the Lannisters, or a mad pirate bastard like the Greyjoys? Personally, I like to think that I’d be at home in Dorne, where knife-fighting and aggressive bisexuality are forms of greeting, but the truth is that I’d have been dead for at least two seasons by now and so would you. And not excitingly dead, either. Not beheaded-by-the-king dead, or burned-as-a-blood-sacrifice-to-the-god-of-fire-by-your-own-father dead. Statistically speaking, we’d be peasants. We probably wouldn’t even get names. We’d just be eating mud and waiting for the war to be over. You know it’s true.

The moral lessons so far are murky but sensible. Dragons are awesome. Men are invariably dreadful. Following religious zealots into battle is a poor life decision. Honour is a made-up concept that will probably get you killed. Most importantly, there are very few truly evil people in the world: instead, there are just stupid people, and scared people, and petty, vindictive people, and sometimes those people get put in charge of armies and nations, and that’s when the rest of us are really buggered. That’s what Game of Thrones is about.

I’m not even confident of a happy ending. I’ve made peace with knowing that my favourite characters are unlikely to make it out of the series alive, and even if they do, it won’t matter, because a giant army of ice zombies is coming to eat the world.

And that’s what makes it brilliant. There are plenty of horrible, sexy things on television, and in these anxious times every novelist worth his advance seems to be turning his hand to grim dystopian fiction. The problem with most dystopias, though, is that they’re too predictable. They serve up worlds where, however awful things get, someone is at least in charge. They are comforting for that reason, in the same way as conspiracy theories are comforting. It is less distressing to believe, for instance, that a secret race of lizard people is managing the destiny of the human race than to believe that nobody is managing it at all.

Stories help us rehearse trauma. They help us prepare for it. You sit down to watch terrible things happening to made-up people and you imagine how you’d cope if that were you, or someone you loved, and even if the answer is “not at all” you find yourself feeling a bit better. Right now, the really frightening prospect is that the world is actually being run by vicious idiots with only half a plan between them who are too busy fighting each other to pay attention to the weather, which is about to kill us all.

That, along with the epic theme music, is why I still love Game of Thrones. It feels like aversion therapy for the brutal randomness of modern politics, with a side order of CGI monsters and a lot of shagging. There you go. I hope that’s given you all the excuse you need to tune in for season six. I did my best. If you need me, I’ll be behind the sofa. 

Laurie Penny is a contributing editor to the New Statesman. She is the author of five books, most recently Unspeakable Things.

This article first appeared in the 28 April 2016 issue of the New Statesman, The new fascism