I’ve got an idea I want to share which was my experience but I think it will
was my experience but I think it will
was my experience but I think it will help others and it begins here in
help others and it begins here in
help others and it begins here in Argentina in 1985 that is me and I still
Argentina in 1985 that is me and I still
Argentina in 1985 that is me and I still have those shorts so my idea is this
have those shorts so my idea is this
have those shorts so my idea is this that financial responsibility and
that financial responsibility and
that financial responsibility and teaching our children financial literacy
teaching our children financial literacy
teaching our children financial literacy is as important as ever and growing up
is as important as ever and growing up
is as important as ever and growing up in Argentina was a tough country we just
in Argentina was a tough country we just
in Argentina was a tough country we just moved there from the UK my mum and dad
moved there from the UK my mum and dad
moved there from the UK my mum and dad were teachers earning a salary and pesos
were teachers earning a salary and pesos
were teachers earning a salary and pesos the local currency which proved to be
the local currency which proved to be
the local currency which proved to be challenging but it was this challenging
challenging but it was this challenging
challenging but it was this challenging experience that meant my sister and I’d
experience that meant my sister and I’d
experience that meant my sister and I’d learned an invaluable lesson and
learned an invaluable lesson and
learned an invaluable lesson and experienced about money which I’d love
experienced about money which I’d love
experienced about money which I’d love to share with all of you the first of it
to share with all of you the first of it
to share with all of you the first of it was how to earn it so at the time
was how to earn it so at the time
was how to earn it so at the time Argentina was a poor country through an
Argentina was a poor country through an
Argentina was a poor country through an almost non-existent middle-class my
almost non-existent middle-class my
almost non-existent middle-class my sister and I had no pocket money and yet
sister and I had no pocket money and yet
sister and I had no pocket money and yet every day I’d come home from school with
every day I’d come home from school with
every day I’d come home from school with a few pesos in my pocket how did I do it
a few pesos in my pocket how did I do it
a few pesos in my pocket how did I do it at lunchtime I’d wait for the older boys
at lunchtime I’d wait for the older boys
at lunchtime I’d wait for the older boys and girls to finish drinking their
and girls to finish drinking their
and girls to finish drinking their coca-cola bottles and Fanta bottles and
coca-cola bottles and Fanta bottles and
coca-cola bottles and Fanta bottles and just before the school bell rang I’d go
just before the school bell rang I’d go
just before the school bell rang I’d go over and collect them all up because I
over and collect them all up because I
over and collect them all up because I knew if I took them back to the
knew if I took them back to the
knew if I took them back to the shopkeeper giving him those bottles he’d
shopkeeper giving him those bottles he’d
shopkeeper giving him those bottles he’d give me just a few pesos and that was my
give me just a few pesos and that was my
give me just a few pesos and that was my first lesson how to earn it the truth is
first lesson how to earn it the truth is
first lesson how to earn it the truth is there are opportunities everywhere to
there are opportunities everywhere to
there are opportunities everywhere to earn money
earn money
earn money we just need to spot them and work hard
we just need to spot them and work hard
we just need to spot them and work hard for them so I think and I believe that
for them so I think and I believe that
for them so I think and I believe that financial responsibility and financial
financial responsibility and financial
financial responsibility and financial literacy is as important as maths and we
literacy is as important as maths and we
literacy is as important as maths and we need to start teaching our children now
need to start teaching our children now
need to start teaching our children now so once we figured out how to earn money
so once we figured out how to earn money
so once we figured out how to earn money many of us struggle how to keep it and
many of us struggle how to keep it and
many of us struggle how to keep it and my experience of keeping it was born out
my experience of keeping it was born out
my experience of keeping it was born out of my experience in Argentina so at the
of my experience in Argentina so at the
of my experience in Argentina so at the time the economy was really struggling
time the economy was really struggling
time the economy was really struggling what this meant was the prices were
what this meant was the prices were
what this meant was the prices were going up every single day
going up every single day
going up every single day prices were going up 30% a month but my
prices were going up 30% a month but my
prices were going up 30% a month but my sister and I experienced it in a
sister and I experienced it in a
sister and I experienced it in a different way because at the end of the
different way because at the end of the
different way because at the end of the month on pay day my mom and dad would
month on pay day my mom and dad would
month on pay day my mom and dad would round us up and drive to the supermarket
round us up and drive to the supermarket
round us up and drive to the supermarket and we play what we would call
and we play what we would call
and we play what we would call Argentinian supermarket sweep because my
Argentinian supermarket sweep because my
Argentinian supermarket sweep because my mum would give me and my sister a
mum would give me and my sister a
mum would give me and my sister a shopping list we’d have to run round the
shopping list we’d have to run round the
shopping list we’d have to run round the supermarket as quickly as possible to
supermarket as quickly as possible to
supermarket as quickly as possible to get hold of all the goods we needed
get hold of all the goods we needed
get hold of all the goods we needed before the prices went up that day when
before the prices went up that day when
before the prices went up that day when we got home that night and we done all
we got home that night and we done all
we got home that night and we done all the shopping we needed for the month
the shopping we needed for the month
the shopping we needed for the month my dad would meet up with his best
my dad would meet up with his best
my dad would meet up with his best friend and drive to a black market
friend and drive to a black market
friend and drive to a black market dealer to exchange those pesos for
dealer to exchange those pesos for
dealer to exchange those pesos for dollars because if we didn’t we risk
dollars because if we didn’t we risk
dollars because if we didn’t we risk losing all of our money to the ravages
losing all of our money to the ravages
losing all of our money to the ravages of inflation I still remember my dad
of inflation I still remember my dad
of inflation I still remember my dad saying to me
saying to me
saying to me Rob Argentina isn’t a country where you
Rob Argentina isn’t a country where you
Rob Argentina isn’t a country where you fall asleep on your money because if you
fall asleep on your money because if you
fall asleep on your money because if you if you wake up it might not be there
if you wake up it might not be there
if you wake up it might not be there that experience has stuck with me
that experience has stuck with me
that experience has stuck with me forever and it was my second lesson how
forever and it was my second lesson how
forever and it was my second lesson how to keep it I believe we need to teach
to keep it I believe we need to teach
to keep it I believe we need to teach all of our children how to keep hold of
all of our children how to keep hold of
all of our children how to keep hold of our money because the truth is there
our money because the truth is there
our money because the truth is there were things outside of our control
were things outside of our control
were things outside of our control working against us to take away our
working against us to take away our
working against us to take away our money but I wasn’t to learn the magic of
money but I wasn’t to learn the magic of
money but I wasn’t to learn the magic of the third lesson until a decade later I
the third lesson until a decade later I
the third lesson until a decade later I was lucky I got a job working in a
was lucky I got a job working in a
was lucky I got a job working in a Bureau DeShawn’s in the south of France
Bureau DeShawn’s in the south of France
Bureau DeShawn’s in the south of France and it was with this experience I was
and it was with this experience I was
and it was with this experience I was fortunate enough to get a job here in
fortunate enough to get a job here in
fortunate enough to get a job here in the city advising companies on how to
the city advising companies on how to
the city advising companies on how to manage their foreign exchange risks just
manage their foreign exchange risks just
manage their foreign exchange risks just a few years later I graduated to
a few years later I graduated to
a few years later I graduated to advising those same companies on how to
advising those same companies on how to
advising those same companies on how to look after their pension funds and here
look after their pension funds and here
look after their pension funds and here I learned that magical skill how to grow
I learned that magical skill how to grow
I learned that magical skill how to grow it what people call in the city
it what people call in the city
it what people call in the city compound interest Albert Einstein
compound interest Albert Einstein
compound interest Albert Einstein supposedly called compound interest the
supposedly called compound interest the
supposedly called compound interest the 8th wonder of the world and he said this
8th wonder of the world and he said this
8th wonder of the world and he said this he who understands it earns it he who
he who understands it earns it he who
he who understands it earns it he who doesn’t pays it think about it
doesn’t pays it think about it
doesn’t pays it think about it do you understand compound interest
do you understand compound interest
do you understand compound interest are you earning it or maybe you don’t
are you earning it or maybe you don’t
are you earning it or maybe you don’t and maybe you’re paying it more
and maybe you’re paying it more
and maybe you’re paying it more importantly what about your children
importantly what about your children
importantly what about your children wouldn’t you want your children to learn
wouldn’t you want your children to learn
wouldn’t you want your children to learn about the eighth wonder of the world
about the eighth wonder of the world
about the eighth wonder of the world compound interest how to grow money how
compound interest how to grow money how
compound interest how to grow money how to make money from money so it was with
to make money from money so it was with
to make money from money so it was with this experience of growing up in
this experience of growing up in
this experience of growing up in Argentina that my sister and I learned
Argentina that my sister and I learned
Argentina that my sister and I learned how to earn it how to keep it and how to
how to earn it how to keep it and how to
how to earn it how to keep it and how to grow it but how many of us got any
grow it but how many of us got any
grow it but how many of us got any financial education at school and the
financial education at school and the
financial education at school and the reason why I think it’s so important
reason why I think it’s so important
reason why I think it’s so important right now is that because without these
right now is that because without these
right now is that because without these skills we have a real problem just a few
skills we have a real problem just a few
skills we have a real problem just a few months ago the UK government announced
months ago the UK government announced
months ago the UK government announced that there were 25 million adults in the
that there were 25 million adults in the
that there were 25 million adults in the UK who are financially vulnerable that’s
UK who are financially vulnerable that’s
UK who are financially vulnerable that’s probably some of us in this room and let
probably some of us in this room and let
probably some of us in this room and let me really spell out what financially
me really spell out what financially
me really spell out what financially vulnerable means 17 million of us adults
vulnerable means 17 million of us adults
vulnerable means 17 million of us adults don’t have a hundred pounds in savings
don’t have a hundred pounds in savings
don’t have a hundred pounds in savings which means one overdue bill a broken
which means one overdue bill a broken
which means one overdue bill a broken down washing machine pushes us over into
down washing machine pushes us over into
down washing machine pushes us over into debt four million of us are one month
debt four million of us are one month
debt four million of us are one month away from bankruptcy this problem is
away from bankruptcy this problem is
away from bankruptcy this problem is compounded further because it turns out
compounded further because it turns out
compounded further because it turns out that money is a taboo subject and we
that money is a taboo subject and we
that money is a taboo subject and we don’t like talking about it and parents
don’t like talking about it and parents
don’t like talking about it and parents would rather talk to their children
would rather talk to their children
would rather talk to their children about sex than about money
so if financial and educational is so
so if financial and educational is so important why have we been so bad at it
important why have we been so bad at it
important why have we been so bad at it I have three reasons the first is when
I have three reasons the first is when
I have three reasons the first is when we do teach it we make it too boring
we do teach it we make it too boring
we do teach it we make it too boring until Victorian the second reason is
until Victorian the second reason is
until Victorian the second reason is it’s just too complicated and we make it
it’s just too complicated and we make it
it’s just too complicated and we make it too complicated and the third reason is
too complicated and the third reason is
too complicated and the third reason is we don’t start early enough so a few
we don’t start early enough so a few
we don’t start early enough so a few years ago at a charity we found they
years ago at a charity we found they
years ago at a charity we found they called red starts which teaches children
called red starts which teaches children
called red starts which teaches children financial literacy we thought how can we
financial literacy we thought how can we
financial literacy we thought how can we go about designing a game that gives
go about designing a game that gives
go about designing a game that gives those children the experience the
those children the experience the
those children the experience the emotions of earning money of keeping
emotions of earning money of keeping
emotions of earning money of keeping money we even get them to lose some
money we even get them to lose some
money we even get them to lose some money and crucially the magic of growing
money and crucially the magic of growing
money and crucially the magic of growing their money and I wanted to share what
their money and I wanted to share what
their money and I wanted to share what that experience looked like I wanted to
that experience looked like I wanted to
that experience looked like I wanted to share with you
share with you
share with you money matters so all of the children are
money matters so all of the children are
money matters so all of the children are given 500 pounds and they’ve got to play
given 500 pounds and they’ve got to play
given 500 pounds and they’ve got to play this game and there are opportunities
this game and there are opportunities
this game and there are opportunities everywhere there’s a station called
everywhere there’s a station called
everywhere there’s a station called fighting fit where literally they get
fighting fit where literally they get
fighting fit where literally they get down and do 20 press ups or a few star
down and do 20 press ups or a few star
down and do 20 press ups or a few star jumps and just like that they can earn
jumps and just like that they can earn
jumps and just like that they can earn money because that’s the first lesson
money because that’s the first lesson
money because that’s the first lesson the ability to spot how to earn money
the ability to spot how to earn money
the ability to spot how to earn money and learn that through hard work they
and learn that through hard work they
and learn that through hard work they can earn more money but my favorite game
can earn more money but my favorite game
can earn more money but my favorite game is when I get a call from rich Ricky
is when I get a call from rich Ricky
is when I get a call from rich Ricky bare with me yeah yeah good news
bare with me yeah yeah good news
bare with me yeah yeah good news Rick’s Ricky has an offer to make to all
Rick’s Ricky has an offer to make to all
Rick’s Ricky has an offer to make to all of you he has promised that if you
of you he has promised that if you
of you he has promised that if you invest with him right now
invest with him right now
invest with him right now he will double your money by the end of
he will double your money by the end of
he will double your money by the end of the game at this point loads of kids
the game at this point loads of kids
the game at this point loads of kids hands go up this is a trap we are
hands go up this is a trap we are
hands go up this is a trap we are scamming your children rich Ricky is a
scamming your children rich Ricky is a
scamming your children rich Ricky is a scam yes you heard me
scam yes you heard me
scam yes you heard me we are deliberately scamming your
we are deliberately scamming your
we are deliberately scamming your children a bit later he calls back
children a bit later he calls back
children a bit later he calls back investments have been going really
investments have been going really
investments have been going really really well in fact he needs more money
really well in fact he needs more money
really well in fact he needs more money and he needs it now who wants to double
and he needs it now who wants to double
and he needs it now who wants to double their money by the end of the game
their money by the end of the game
their money by the end of the game something magical happens the
something magical happens the
something magical happens the conversation starts can we trust rich
conversation starts can we trust rich
conversation starts can we trust rich Ricky who is rich Ricky one wise boy
Ricky who is rich Ricky one wise boy
Ricky who is rich Ricky one wise boy comes up to me and says is it a Ponzi
comes up to me and says is it a Ponzi
comes up to me and says is it a Ponzi scheme
sadly for that poor boy the lure of
sadly for that poor boy the lure of doubling his money was too much and just
doubling his money was too much and just
doubling his money was too much and just a bit later he comes to me really
a bit later he comes to me really
a bit later he comes to me really excited and he pulls me down he says Rob
excited and he pulls me down he says Rob
excited and he pulls me down he says Rob I figured out how to win the game and he
I figured out how to win the game and he
I figured out how to win the game and he gives me all of his money to rich Ricky
gives me all of his money to rich Ricky
gives me all of his money to rich Ricky sadly I get another call it’s rich Ricky
sadly I get another call it’s rich Ricky
sadly I get another call it’s rich Ricky again the investments haven’t gone so
again the investments haven’t gone so
again the investments haven’t gone so well he’s not coming back all the money
well he’s not coming back all the money
well he’s not coming back all the money is gone the kids are devastated that
is gone the kids are devastated that
is gone the kids are devastated that poor boy is on the verge of tears and
poor boy is on the verge of tears and
poor boy is on the verge of tears and yet I promise you he learned the most
yet I promise you he learned the most
yet I promise you he learned the most valuable lesson that day the ability to
valuable lesson that day the ability to
valuable lesson that day the ability to spot are too good to be true scam and
spot are too good to be true scam and
spot are too good to be true scam and the reason why this is important is
the reason why this is important is
the reason why this is important is every single day including today we lose
every single day including today we lose
every single day including today we lose two million pounds to financial scams
two million pounds to financial scams
two million pounds to financial scams and fraud
and fraud
and fraud wouldn’t you rather we taught your kids
wouldn’t you rather we taught your kids
wouldn’t you rather we taught your kids the experience of rich Ricky rather than
the experience of rich Ricky rather than
the experience of rich Ricky rather than waiting until they graduate from school
waiting until they graduate from school
waiting until they graduate from school or university and meet a real-life rich
or university and meet a real-life rich
or university and meet a real-life rich Ricky but the magical station is one
Ricky but the magical station is one
Ricky but the magical station is one called built to last and here the
called built to last and here the
called built to last and here the children if they spot it have the
children if they spot it have the
children if they spot it have the opportunity to invest fifty pounds to
opportunity to invest fifty pounds to
opportunity to invest fifty pounds to play and the game is simple you build a
play and the game is simple you build a
play and the game is simple you build a tower out of blocks of wood the taller
tower out of blocks of wood the taller
tower out of blocks of wood the taller the tower the more interest you earn
the tower the more interest you earn
the tower the more interest you earn they have two strategies one strategy is
they have two strategies one strategy is
they have two strategies one strategy is to build a really tall tower and earn
to build a really tall tower and earn
to build a really tall tower and earn lots and lots of interest another
lots and lots of interest another
lots and lots of interest another strategy is to play it safe
strategy is to play it safe
strategy is to play it safe build a smaller Tower collect the
build a smaller Tower collect the
build a smaller Tower collect the interest and go again earning interest
interest and go again earning interest
interest and go again earning interest on your interest what do you think the
on your interest what do you think the
on your interest what do you think the kids do I wonder what would you do well
kids do I wonder what would you do well
kids do I wonder what would you do well most of the kids fall for the trap of
most of the kids fall for the trap of
most of the kids fall for the trap of building the taller tower because just
building the taller tower because just
building the taller tower because just as you go to put that brick on top you
as you go to put that brick on top you
as you go to put that brick on top you risk
risk
risk knocking down all the blocks of woods
knocking down all the blocks of woods
knocking down all the blocks of woods and losing everything because actually
and losing everything because actually
and losing everything because actually building smaller towers is easier it’s
building smaller towers is easier it’s
building smaller towers is easier it’s less risky and once you start to build
less risky and once you start to build
less risky and once you start to build and on top of each other you start to
and on top of each other you start to
and on top of each other you start to this magic feeling of growing your money
this magic feeling of growing your money
this magic feeling of growing your money or earning interest and crucially the
or earning interest and crucially the
or earning interest and crucially the more you practice the better you get
more you practice the better you get
more you practice the better you get so we’ve played money matters now with
so we’ve played money matters now with
so we’ve played money matters now with over 500 pupils and the results are
over 500 pupils and the results are
over 500 pupils and the results are fascinating over half of the children
fascinating over half of the children
fascinating over half of the children end up with less money than they started
end up with less money than they started
end up with less money than they started a handful of them like that poor boy I
a handful of them like that poor boy I
a handful of them like that poor boy I mentioned earlier end up losing almost
mentioned earlier end up losing almost
mentioned earlier end up losing almost all their money and yet every time we
all their money and yet every time we
all their money and yet every time we have a handful of winners and we’ve had
have a handful of winners and we’ve had
have a handful of winners and we’ve had 20 to 30 pupils who’ve more than doubled
20 to 30 pupils who’ve more than doubled
20 to 30 pupils who’ve more than doubled their money to get a thousand pounds how
their money to get a thousand pounds how
their money to get a thousand pounds how did they do it turns out that these
did they do it turns out that these
did they do it turns out that these young boys and girls they’re not Richard
young boys and girls they’re not Richard
young boys and girls they’re not Richard Branson
Branson
Branson I want to taught them the rules to the
I want to taught them the rules to the
I want to taught them the rules to the game they experienced it they learnt it
game they experienced it they learnt it
game they experienced it they learnt it they watched other boys and girls losing
they watched other boys and girls losing
they watched other boys and girls losing money to rich Ricky putting money in the
money to rich Ricky putting money in the
money to rich Ricky putting money in the bank
bank
bank playing built to last building a tall
playing built to last building a tall
playing built to last building a tall tower and figuring out that that doesn’t
tower and figuring out that that doesn’t
tower and figuring out that that doesn’t work but there’s enough time in the game
work but there’s enough time in the game
work but there’s enough time in the game to figure out the rules of the game now
to figure out the rules of the game now
to figure out the rules of the game now wouldn’t you want your children to know
wouldn’t you want your children to know
wouldn’t you want your children to know the rules of the game to feel confident
the rules of the game to feel confident
the rules of the game to feel confident about managing their money well I’m a
about managing their money well I’m a
about managing their money well I’m a dad and I have two young daughters and
dad and I have two young daughters and
dad and I have two young daughters and this is me playing built to last with my
this is me playing built to last with my
this is me playing built to last with my three and a half year old daughter now
three and a half year old daughter now
three and a half year old daughter now just a week ago we had some friends over
just a week ago we had some friends over
just a week ago we had some friends over and they bought her a cupcake and it
and they bought her a cupcake and it
and they bought her a cupcake and it made me very proud because about halfway
made me very proud because about halfway
made me very proud because about halfway through she stopped eating her cupcake
through she stopped eating her cupcake
through she stopped eating her cupcake and she said daddy I’ve had enough I
and she said daddy I’ve had enough I
and she said daddy I’ve had enough I want to keep it till later now delayed
want to keep it till later now delayed
want to keep it till later now delayed gratification is a foundational habit to
gratification is a foundational habit to
gratification is a foundational habit to financial responsibility and financial
financial responsibility and financial
financial responsibility and financial literacy and we can start at a young age
literacy and we can start at a young age
literacy and we can start at a young age but my contention is this let’s not wait
but my contention is this let’s not wait
but my contention is this let’s not wait for the government to put financial
for the government to put financial
for the government to put financial education on the school syllabus let’s
education on the school syllabus let’s
education on the school syllabus let’s start having a conversation with our
start having a conversation with our
start having a conversation with our children now about money let
children now about money let
children now about money let not finding fun and engaging ways to
not finding fun and engaging ways to
not finding fun and engaging ways to allow our children to experience how to
allow our children to experience how to
allow our children to experience how to earn it how to keep it and how to grow
earn it how to keep it and how to grow
earn it how to keep it and how to grow it because it turns out I was very lucky
it because it turns out I was very lucky
it because it turns out I was very lucky growing up in Argentina because I got to
growing up in Argentina because I got to
growing up in Argentina because I got to experience things that most people don’t
experience things that most people don’t
experience things that most people don’t and I had parents who taught me about
and I had parents who taught me about
and I had parents who taught me about budgeting and saving because it turns
budgeting and saving because it turns
budgeting and saving because it turns out we learn on money saving habits by
out we learn on money saving habits by
out we learn on money saving habits by the age of seven
the age of seven
the age of seven so I dare you to take action and have a
so I dare you to take action and have a
so I dare you to take action and have a conversation with a child or a
conversation with a child or a
conversation with a child or a grandchild because I promise you this
grandchild because I promise you this
grandchild because I promise you this will have an impact that will compound
will have an impact that will compound
will have an impact that will compound forever thank you
forever thank you
forever thank you [Applause]
”
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