For experts in the industry like Jeffrey Small Arbor financial advice for our children is absolutely critical and we are not giving them the education which they need as it stands. Naturally when we talk about financial advice for our kids we are not exactly discussing how they spend and invest their money, but rather give them the education around making and spending money which will be so critical for them in life. This is what both schools and parents should be looking to do for our kids and here is exactly why this is going to be so critical for them both now and in the future.
The Lack of Education
The lack of education which has existed over the years has directly resulted in young people getting into huge levels of debt, and this is only going to continue if we don’t change things. Another core problem of this lack of education is that people don’t grasp the importance of saving, and this leads to frivolous spending and then difficulty in paying for the essentials like property and maintenance. If we can give our kids the education they deserve in this field, then we can ensure that these issues stop happening.
Confidence For Young Adults
If you speak to many young adults there is actually something of a fear of money when they start making it. Whilst many people do find the management of money easy, others aren’t sure what to do with it when they earn it, others aren’t sure where to put it or even how to save it. Simply because many understand this from an early age, doesn’t mean that everyone does, so we have to use education to give our young adults the knowledge which they need to in order to have that confidence going through their lives.
Resistance to Aggressive Sales
Sadly when it comes to buying cars, taking out credit cards or taking on any kind of debt, there are many companies who know only too well that many youngsters don’t know their way around finance. These businesses are then able to take advantage of the person and change them higher rates of interest than they originally thought, or hide small print which means that they will be paying more over the course of the loan or finance deal than they first believed. The better the education that we are able to give to our young men and women, the better equipped they will be to deal with these kinds of situations and to avoid being taken advantage of.
Ultimately this is something which all parents should be teaching their kids, and this is something which should be supported by the schools. If we work together however then we can ensure that the next generation knows their way around finance and their lives will be far more successful as a result of this, the key however is working together.