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Current Events > Back in middle school, why did teachers glorify saving money in banks so much?

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OrangeCrush980
09/12/21 8:42:30 AM
#1:


They'd always use examples where the interest rate was 5% or higher to show how much money you could make just by saving money when you're younger. But in reality bank interest rates are less than 0.01%.
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lilORANG
09/12/21 8:48:23 AM
#2:


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Prismsblade
09/12/21 8:54:33 AM
#3:


The stock market wasn't easily accessible and free until just a few years ago. Especially for most kids and young adults. And it'd not like they could tell them to buy a house either.

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itachi15243
09/12/21 8:54:52 AM
#4:


They had to offer some sort of financial advice where the money was safe I assume?


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Lunar_Savage
09/12/21 9:00:48 AM
#5:


That was the optimistic time, where everyone believed they could achieve good credit scores with reasonable ease and conditions and banks were your friends (plot twist: they were not).

Then the dark times came...

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Delacoir
09/12/21 9:02:42 AM
#6:


Because the recession hadn't happened yet.
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Fam_Fam
09/12/21 9:03:26 AM
#7:


Prismsblade posted...
The stock market wasn't easily accessible and free until just a few years ago. Especially for most kids and young adults. And it'd not like they could tell them to buy a house either.

the stock market isn't free, lol
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Southernfatman
09/12/21 9:03:27 AM
#8:


It's like how they pushed college on everybody. They didn't know how shit things would become.

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Alucard188
09/12/21 9:06:30 AM
#9:


The bank is just a framework for the idea of saving money and interest accrued. Kids know what banks are, but how many know TFSAs, mutual funds, GICs, and RRSPs?

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RoseLuck2022462
09/12/21 9:13:49 AM
#10:


Back then banks had respectable interest rates.

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monkmith
09/12/21 9:17:49 AM
#11:


i had a teacher that glorified tax evasion, never had anyone bring up savings accounts though.

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Hexenherz
09/12/21 9:35:25 AM
#12:


Fam_Fam posted...
the stock market isn't free, lol
I think they mean that you could do free trading, since for the longest time you had to pay commission fees on all trades and that made it less appealing/accessible.

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Bio1590
09/12/21 9:36:01 AM
#13:


Idk how long ago you're talking about here but banks used to actually have fairly high interest rates.

Maybe not as much on like your basic accounts but definitely other stuff.

Like shit I remember when I was in university and the year I was my faculty's rep on the student union the union had to renew the deposit terms on their endowment fund, and the new interest rate ended up being almost half of what it had been. We actually had to cut the budget down and give out less money to student groups and other things (that's primarily what it was used for) because of it.
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Fam_Fam
09/12/21 2:05:20 PM
#14:


Hexenherz posted...
I think they mean that you could do free trading, since for the longest time you had to pay commission fees on all trades and that made it less appealing/accessible.

i know that is what they meant. but you do still pay for trades, its just hidden now by brokers/market makers within purchases/sales. they realized this was a more profitable model compared to direct commission models.
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ModLogic
09/12/21 2:08:47 PM
#15:


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Jiek_Fafn
09/12/21 2:11:30 PM
#16:


Middle school teachers aren't particularly well off. They don't know wtf they're talking about.

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sabrestorm
09/12/21 2:14:19 PM
#17:


Back then savings accounts in bank paid 5% interest, im talking early 80s, not sure what happened since then or why its so loonoe, I mean where else can a person save money if not a bank, its the safest place I know of

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BeyondWalls
09/12/21 2:17:39 PM
#18:


why did teachers glorify saving money in banks so much?
Did they?

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