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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. 

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Comments

Associate #24601 09 July 21 10:19

Yes but this requires people to pay for a BPP course. 

Ironic. He could save others from poor wealth management but not himself.

US junior lawyer 09 July 21 10:48

This is a good idea. For example, it's remarkable how few solicitors appreciate the benefits of putting £40k/year into your pension, so as to keep as much money as possible out of the £100k-£125k 60% rate.

anon 09 July 21 11:08

wonder how much BPP is getting paid to promote wealth managers...

Curious 09 July 21 15:08

Will that course include money management advice for those trainees on the lower end of the pay spectrum i.e. high street/legal aid/local authority etc?

Anonymous 14 July 21 08:18

Who can forget the classic Star Trek film in which Kirk and Scottie go back in time to kidnap an invisible whale, while Spock does battle with a unit linked annuity?  That Paul Welsh is down with the kids, clearly. 

Anonymous 15 July 21 15:55

Love how its stated that  "debt, savings, budgeting and tax planning can be quite dull subjects", as if the subjects they are there studying are thrilling.....  particularly for those wanting to be tax lawyers

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