Barefoot Investor: The warning Australians cannot ignore


Barefoot Investor Scott Pape issued a stern warning for millions of adults across Australia as 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 told News Corp it is 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 one 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.

And Pape urged Australians to pounce on the Reserve Bank of Australia’s governor Philip Lowe latest cut the cash rate to an lowest of 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.”

Scott Pape at St.Columba’s College in Melbourne with Year 11 and 12 students from the VCAL class, working on his money program in schools, called Money Movement which is helping teach kids about financial literacy. Picture Jay TownSource:News Corp Australia

Many lenders are offering mortgage variable rates in the low three 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 hardest as banks continue to cut online savings and term deposit rates with many deals in the one to two per cent range.

Pape has been working on the new Foxtel production — a four-part documentary series dubbed 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 based on his best-selling books.

It teaches kids practical money 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 fabulous, 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 already 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.

sophie.elsworth@news.com.au

@sophieelsworth





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