Scott Pape slams credit cards, BNPL as he secures an early win for his school Money Movement
Jun 16, 2021
Scott Pape has secured a major win in his mission to guarantee money education for Aussie kids, as debt continues to rise.
Australians’ heavy use of credit cards and the fast growth of buy now, pay later services like Afterpay and Zip shows why schoolchildren should be taught practical skills about money and savings, says finance expert Scott Pape. And Pape — known as the Barefoot Investor — warns Australians need to get control of their spending now, before interest rates “inevitably” go up.
He spoke out as he kickstarted a revolution in schoolkids’ financial education with major wins in two states. Now he wants the rest of Australia to get aboard: sign his petition here.
Household debt hit a record high of more than $2.5 trillion at the end of December — an average of more than $257,000 per household, according to comparison site Finder.
It represents more than 180 per cent of disposable income which is “one of the highest in the world”, according to Pape.
Australians’ heavy use of credit cards and the fast growth of buy now, pay later services like Afterpay and Zip shows why schoolchildren should be taught practical skills about money and savings, says finance expert Scott Pape. And Pape — known as the Barefoot Investor — warns Australians need to get control of their spending now, before interest rates “inevitably” go up.
He spoke out as he kickstarted a revolution in schoolkids’ financial education with major wins in two states. Now he wants the rest of Australia to get aboard: sign his petition here.
Household debt hit a record high of more than $2.5 trillion at the end of December — an average of more than $257,000 per household, according to comparison site Finder.
It represents more than 180 per cent of disposable income which is “one of the highest in the world”, according to Pape.
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