Helping youngsters to gain financial skills will help us all
Is it important to give young people the skills to help them understand and manage their finances? I think so. My belief is that if youngsters understand how to budget and spend sensibly, they can avoid falling into a debt spiral and becoming easy prey for unscrupulous lenders.
The latest stats about young people don’t paint a pretty picture. More than one in five 16- to 24-year-olds are out of work. Even those that do have a job are struggling to cope with rising costs, rents, energy bills and so on. The result is that more and more young people are falling behind financially, with three-quarters of 18-24-year-olds now in debt.
So I’m really pleased to hear that’s there’s going to be more help for them. Some 20 charities are grouping together to use their collective power to give more children and young people the knowledge to take charge of their money.
The charities all separately work to promote financial education and enterprise education. Together they’ve launched a new movement which they’re calling Take Charge and I hope it will prove to be a powerful force in changing young people’s approach to dealing with money.
Of course there are always going to be people who can’t budget properly and seem to let cash slip through their fingers. But I think the majority of folk do want to lessen their money worries, and teaching them some basic personal finance skills can make a positive difference.
The new movement was conceived by financial education charity PFEG (the Personal Finance Education Group) but it’s brought on board lots of other well-known charities that do excellent work in financial education including Brathay Trust, Girlguiding, Prince’s Trust and Young Enterprise.
Other charities involved include Credit Action, Learning to Work, MyBnk, National Association of Student Money Advisors, National Skills Academy for Financial Services, National Youth Agency, PSHE Association, The Aldridge Foundation, Toynbee Hall, UK Youth Parliament, Vi-Ability, vInspired, and Young Chamber.
And a hat-tip to insurer Standard Life, the company that has put up the cash to launch this laudable movement. There’s more information about it at www.takechargeuk.org and I hope to be able to report in the future on some of the movement’s successes.Tagged in: cash, debt, education, finance, youngsters
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