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Young 'need to learn money skills in teens'
Young people need to learn money management long before they get their first credit cards to ensure they do not get into unmanageable debt, an expert has argued.
Managing director of Yvonne Goodwin Wealth Management Ltd Yvonne Goodwin said leaving it until youngsters are students and then trying to educate them in Fresher's Week is leaving it too late, as they will be "too excited" to listen anyway.
Instead, teenagers as young as 15 or 16 should learn budgeting and money management skills from the time when they get their first Saturday job and have some funds to work with, she argued.
"This is real money that has been hard earned and hard saved and usually gives more of an incentive to spend it wisely," the expert explained.
As well as day-to-day living costs, young people face higher fees of up to £9,000 a year at university, although Labour Party leader Ed Miliband told the BBC's Andrew Marr Show yesterday (September 25th) that this will be cut to a maximum of £6,000 if he becomes prime minister.
Managing director of Yvonne Goodwin Wealth Management Ltd Yvonne Goodwin said leaving it until youngsters are students and then trying to educate them in Fresher's Week is leaving it too late, as they will be "too excited" to listen anyway.
Instead, teenagers as young as 15 or 16 should learn budgeting and money management skills from the time when they get their first Saturday job and have some funds to work with, she argued.
"This is real money that has been hard earned and hard saved and usually gives more of an incentive to spend it wisely," the expert explained.
As well as day-to-day living costs, young people face higher fees of up to £9,000 a year at university, although Labour Party leader Ed Miliband told the BBC's Andrew Marr Show yesterday (September 25th) that this will be cut to a maximum of £6,000 if he becomes prime minister.
Published: 26/09/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.