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 aÂ discussion about this just the other day.
One way of tackling theÂ institutions that are prepared to give credit to almost anybody nowadays is to bring in stricter regulations and bring the dealsÂ under more scrutiny from independant consumer bodies as well as financial authorities. Â
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 outÂ 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 planningÂ thatÂ growing up in a family used to provide.Â 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.
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.