He is a friendly, intelligent young man. A bit of a dreamer. Did well at high school, got a good job and left home to live on his own. That was better as it was not going so well at home, rows etc.
His job paid quite well, and he should have been able to make ends meet, but alas … the ends kept getting wider apart.
He started to borrow from his friends and before he knew it, the bills started to pile up. Arrears with the rent, insurance, phone subscription and of course, the loans from his mates. After 2 years of independence he was getting threatening letters from the bailiffs. He was becoming desperate and could see no light at the end of the tunnel. We get increasingly more cries from help from young people, even from those with a good income.
A large insurance company recently conducted an in-depth study under young people … and the main conclusion? They hate organizing their money business! But the same study indicated that a good money management is essential for a feeling of well-being.
In a world bent on enticing kids with the trendiest fashions, newest gadgets, and tastiest treats, how can moms and dads equip their children to flourish financially and be able to manage more when they get older?
This becoming increasingly important as money becomes invisible, consisting only of bits and bytes and becoming easy to get through a PC or a piece of plastic. Not seeing notes and coins exchanged for purchases makes it harder for kids to get their heads around what things cost. They might see this invisible money as an abstract and unlimited resource rather than real money coming in and out of their family's bank accounts.
Financial skills are so essential for young people. They don’t learn these in school, nor, most times, at home. Money blues? Yes, because most young people have no clue about what to expect when they become independent. It is so important to educate them well – and the sooner we start the better!
The old Bible proverb remains true,
” Train up a child in the way he should go, and when he is old, he will not depart from it.” Proverbs 22:6
Compass offers materials for training children of all ages. Visit https://www.compass1.eu/children-s-resources
Teaching your children to become money savvy is going to take time on your part. It will be worth the investment!