Tuesday, 15 May 2012

Finance for Youth

Here in the UK we have a lot of youth unemployment and personal debt, These 2 problems mostly run along side each other. Teenagers when they leave school dont know the true meaning of money, they dont know the minimum wage, the way banks run and other basic things.

The key to solving this problem is too teach personal finance at schools, we learn things that enable us to make money in the future but we dont teach what money is, does and how the industry works (e.g. stock market, currencies etc)
The result is that when kids leave school at 16 and go into work/college/sixth form they all have different experiences/situations in their relationships with money. If a youth goes into full time work there are two options for them:
  1. Blow the money on the latest phone, game console and clothes
  2. Save money responsibly, and look into options of investment etc
Now how many kids do you know that take the second option, not many. Now if we were to encourage teenagers and children to learn about money and for schools to provide it as an  option or compulsary lesson, then maybe kids will see the problems, they'll see the different types of debt e.g. university fee's and credit card debt.

I just hope people feel the same way, as I have gone through the same education system as them and in some key areas it is failing.

Dont forget to follow me and feel free to DM me with your opinion :)

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