Without citing specific facts and percentages it is clear from recent research that HUGE numbers of people now days have too much dependency on credit. Without getting involved in the politics and reasons why, more and more children now days are being brought up within near ZERO percent interest rate levels and with little consideration in using credit cards.
The problem with this is our juniors are not aware of what effect interest rates can have on their pocket money savings and what impact the use of credit can have on their future without having a method to sustain repayment commitments.
I recently finished a 6-7 session program working with a class of children in a school in East London, England to mentor them on Finance through a work placement. This was a great experience to give the class of about 30 children an insight into personal finance especially expanding their knowledge about Needs & Wants, Interest, Credit & Debit, Bank Statements, Tax, Jobs, Work and Marketing as this is used by many to entice others in to spend.
The free entry visit to the Bank of England Museum in City of London was a great visit for all and would recommend this as a great afternoon out.
A memory from my Nan (originally from Bow in London during the War) is a common thought which is simple “If you don’t have the money you can’t buy it”. Simples!
Lets all try to teach the younger generation how to manage these basic concepts and I hope they will be able to become strong enough to say no and think about the consequences of debt and instead for the short term learn to save on un-needed expenses.
The problem with this is our juniors are not aware of what effect interest rates can have on their pocket money savings and what impact the use of credit can have on their future without having a method to sustain repayment commitments.
I recently finished a 6-7 session program working with a class of children in a school in East London, England to mentor them on Finance through a work placement. This was a great experience to give the class of about 30 children an insight into personal finance especially expanding their knowledge about Needs & Wants, Interest, Credit & Debit, Bank Statements, Tax, Jobs, Work and Marketing as this is used by many to entice others in to spend.
The free entry visit to the Bank of England Museum in City of London was a great visit for all and would recommend this as a great afternoon out.
A memory from my Nan (originally from Bow in London during the War) is a common thought which is simple “If you don’t have the money you can’t buy it”. Simples!
Lets all try to teach the younger generation how to manage these basic concepts and I hope they will be able to become strong enough to say no and think about the consequences of debt and instead for the short term learn to save on un-needed expenses.
Many other free courses can be found online but here are a few;
Free Online courses : https://www.edx.org/school/acca
Example Childrens course : http://r.search.yahoo.com/_ylt=A9mSs3PfDxpXkrIAD0FLBQx.;_ylu=X3oDMTByZzJoOXByBGNvbG8DaXIyBHBvcwM0BHZ0aWQDBHNlYwNzcg--/RV=2/RE=1461354591/RO=10/RU=http%3a%2f%2fwww.bankrate.com%2ffinance%2ffinancial-literacy%2f4-money-lessons-for-children-to-master-1.aspx/RK=0/RS=2qfB9caaURWz5k5_VHOAqAmJkcg-
Free Online courses : https://www.edx.org/school/acca
Example Childrens course : http://r.search.yahoo.com/_ylt=A9mSs3PfDxpXkrIAD0FLBQx.;_ylu=X3oDMTByZzJoOXByBGNvbG8DaXIyBHBvcwM0BHZ0aWQDBHNlYwNzcg--/RV=2/RE=1461354591/RO=10/RU=http%3a%2f%2fwww.bankrate.com%2ffinance%2ffinancial-literacy%2f4-money-lessons-for-children-to-master-1.aspx/RK=0/RS=2qfB9caaURWz5k5_VHOAqAmJkcg-