Financial Education

In yesterday’s Manchester Evening News paper, there was a letter to the Editor that called for financial education for teenagers in school. Ioannis and I had a discussion about this just the other day.

One way of tackling the institutions that are prepared to give credit to almost anybody nowadays is to bring in stricter regulations and bring the deals under more scrutiny from independant consumer bodies as well as financial authorities.  

However, approaching this from another angle seems even more fruitful. The preparedness of young adults to make financial decisions, myself included, is seriously under question. And this in a society where loans are expected to be taken out in order to do any number of things, for example finance higher education or get on the property ladder.

What is required then is a sort of Home Science class for teenagers at school that incorporates elements of financial understanding and planning that growing up in a family used to provide. It seems that society can no longer depend on the family unit to provide such an education, as often the financial decisions of the parents themselves do not stand up to scrutiny.

The personal debt that this nation has got itself into is astounding, and countering this will require structured education so that future generations do not end up living on credit like us.

On a related note: People who have been hit by unfair bank charges now can fight back. The websites to check are Bank Charges Hell and Consumer Action Group.

There is a good article on the financial magazine This Is Money. It gives you ten steps to reclaim money you have unfairly been charged by the banks.

Take the time NOW to sort out your finances and be one of the Financially Responsible.

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1 Comment

  1. It doesn’t really matter how good a person is with money with uni fees going up to 7000 quid a year. How can anyone save up that kind of money before age 18?!

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