Lesson 1: how to spot Pyramid selling.
BPP University has recruited what it describes as "the UK's top financial planner" to teach money management skills to its law students.
The university will run a course for its law students covering topics including investments, tax, pensions, estate planning and will structures so that fledgling lawyers don't blow "their newfound wealth".
BPP said there was a perception that 'personal finance literacy' of graduates hasn't kept pace with the growth in earnings, and referenced the news of US firms dishing out salaries of £140k+ to their NQs.
Paul Welsh from the Financial Planning Corporation (the organisation hired by BPP to run the course) said that "people often come out of education with very little idea of the importance of money management", acknowledging that "debt, savings, budgeting and tax planning can be quite dull subjects". Although that dullness might be relative for any student who had just sat through a lecture on Equity and Trusts.
“There is a lot of dangerous advice and get-rich-quick films across social media," said Welsh. "TikTok, for example, is full of films of people in glamorous locations saying they can teach you to trade currencies or build a commercial property portfolio."
"People think that they make rational decisions but, without advice, they tend to behave more like Homer Simpson than Mr Spock,” said Welsh, forgetting that episode where Homer wisely loaned money to his brother Herb, who then made a fortune in a baby translating product.
BPP said that it was introducing its initiative after a survey revealed the vast majority of its students had not received any advice from their undergraduate institutions about making the financial transition from impoverished student to minted lawyer.
BPP's research also revealed that two thirds of prospective lawyers felt a tension between living in the moment and trying to exercise some level of financial self-control. And that two in five felt pressured to keep up with the spending habits of their friends. Which may be particularly difficult if you're in the considerably rich Freshfields intake.
And of course, BPP has previously found a way to incentivise students to keep control of their finances while studying at the University.