BAREFOOT INVESTOR TV
Scott Pape is bringing his special brand
of no-nonsense financial advice to television. The Sunday Tele columnist
has signed a deal with Foxtel
Households have a “once in a lifetime opportunity” to pay back debt while there is record-low interest rates — but they are not maximising it. Barefoot Investor Scott Pape issued a stern warning for millions of adults across Australia when he unveiled a plan to make the next generation more money-savvy by revolutionising financial education in schools.
Pape, who firmly believes money management should be taught in the classroom, is rolling out his grassroots Money Movement across thousands of schools — and the results are being filmed for a Foxtel series.
Launching the plan, Pape said it was worrying that so many Australians have got themselves into mountains of debt and urged people to take immediate action to get themselves out of it.
“For the average homeowner this is a once in a lifetime opportunity to pay back debt and unfortunately not many people are heeding my warning,” he said.
“We have all-time record-high debts at a time when rates are at all-time lows, so what happens if and when interest rates start to rise?
“That’s what I worry about. It’s a recipe for disaster in my view.”
Since launching the program in May, more than 2000 schools signed up to be part of it.
Pape urged Australians to pounce on the Reserve Bank of Australia’s cut the cash rate to 1.25 per cent this month.
He warned borrowers not to count on interest rates being low
forever and said “a lot of misery can be had for taking on too much debt”.
Many lenders are offering mortgage variable rates in the low 3 per cent range and some fixed rate deals have a “2” in front.
But for savers — many of whom are retirees — this has hit them hard as banks continue to cut online savings and term deposit rates with many deals in the 1 to 2 per cent range.
Pape’s new Foxtel production will be a four-part documentary series titled Money School.
Premiering on Foxtel later this year, it follows him behind the scenes as he works with schools to roll out his new money education program, Money Movement.
The program is tailored for both primary and secondary schools and is based on his best-selling books.
It teaches kids practical money managing methods including how to set up financial buckets, negotiate better deals and sell second-hand items such as their unwanted toys and possessions.
Foxtel’s group general manager of lifestyle Wendy Moore said it was great to work with Pape “to create such a positive movement that literally starts from the ground up”.
Money School is produced by Essential Media exclusively for Foxtel, in association with Screen Australia and Create NSW.
Pape’s latest book The Barefoot Investor For Families has sold more than 200,000 copies. Publisher Harper Collins and library supplier James Bennett have helped to distribute a free copy of the book to schools nationwide.
Scott Pape with students from St Columba’s mba s College. Picture: Jay Town.