Boris Johnson gets his sums wrong in Education summit
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After achieving material success and with 15 years experience in financial services, Mr Komolafe took to YouTube to share his industry knowledge and demystify conversations about money for younger audiences. He spoke to Express.co.uk in an exclusive interview about the biggest oversights in schools’ curriculums regarding financial education and what young people need to know.
Mr Komolafe’s channel, Conversations of Money, began early last year and has since garnered over a million viewers worldwide.
“I simply wanted to use it as forum to basically have conversations with people that I wish someone had with me when I was 18, 20, 25.
“Ultimately my journey is my journey, I’m here to share my knowledge to help you on yours.”
Mr Komolafe first noticed the education gap during his time in wealth management and advising, when he was confronted with topics, skills and insight that he believes should be taught as a life skill in school.
“This is kind of stuff that I wish someone taught me when I was in my 20’s but nobody did because we don’t get taught it in school.
“I credit a lot of my knowledge around finances to the fact that it was my job to know what to do,” he commented.
Mr Komolafe advocates for a curriculum reshuffle due to the technology and change in language that the new generation of investors and savers face.
“If you look at the national curriculum for the UK it was introduced in 1988 and back then the stock market and things of that nature were inaccessible.
“We’re looking at kids now who are in the school system right now, they’re the kids who are going to have to deal with AI taking their jobs and look at other forms of income.”
He added: “The curriculum isn’t designed for technology, for all of the things that these kids are exposed to now simply just by having Instagram and being on TikTok.
“The language is also changing, in the 1980’s it may have been ‘savings’ because interest rates were great.
“Well, we’re living in an environment where interest rates have been low for such a long time so the alternative to savings is investing or trading.
“If you don’t understand the language of money how are you going to know how to apply it?”
Alongside this, Mr Komolafe commented that the change in curriculum needs to start within Government, but it also needs to focus on educating the teachers.
“You can’t teach someone something you don’t know. It’s like going to France and not knowing what ‘bonjour’ means.
“My biggest fear for the younger generation is that they’ll get taken for a ride and there’s so many scams out there.”
The influence social media has on these budding investors also needs to be addressed and the inherent ability young children have to interact with technology means it can’t be avoided, he warned.
“They don’t need to figure it out, they just naturally know how to deal with technology.
“This is the first generation of kids that are actively thinking about trading.
“They don’t know the difference between investing and trading they just see people on Instagram with flash watches and they think, ‘I can achieve that tomorrow’ – it sounds so simple.”
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