When should you start thinking about financial matters?
A pat on the back for North Devon’s ‘young people’; the most money-smart youths in the South West, according to a new study from the charity MyBnk. But, apparently, there is still a five per cent gap between them and their London counterparts.
You are never too young to start thinking about financial matters, because – let’s face it – in today’s world you need to be armed to plan for your future ahead, particularly given the fact we are all living longer.
Data from the report also indicates that young people are a lot more aware of the world of money than people would think, but they don’t necessarily understand how it effects them or how to manage it. This really indicates the need to educate people about their finances at every stage of their life. Good to reach them at a young age when they are at school and then again during the early part of their career – through the workplace, and then also when they are nearing their retirement, to ensure they have planned as well as they can.
A firm foundation through school and their early years is a great start and will really help to program them into this way of thinking. However, I’d argue the need for continuing this into their careers – through workplace financial education.