Doesn’t add up! Today’s kids know ‘less than ever about money’ and it’s getting worse
Pensions: Make My Money Matter promote ethical investing
When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.
Jodie Cook’s parents encouraged her to book appointments and pack her own suitcase before they went on holiday from the age of five. She was also taught to budget and manage her own affairs before she reached secondary school.
This instilled a sense of self-belief and resilience in her which has equipped her well for later life, she said.
The thirty-two-year-old has since built and sold a business and published three books.
Sadly, it appears that the competitive powerlifter’s upbringing was the exception – with many of today’s youngsters lacking education about money.
According to a study from the Office of National Statistics in 2018, more than half of 22 to 29 year olds had no savings.
Other research by the website HR Director showed that 58 percent of 18-24-year olds are turning to high-cost credit once a quarter or more.
Ms Cook says this needs to change if future generations are to become financially solvent in an increasingly cashless society.
Speaking to Express.co.uk, Ms Cook, from Birmingham, said: “Kids know less than ever about money. They don’t see it. Many have no concept of how money is earned, paid and spent.
“Jacob, age five, sees his mum swipe a card in supermarkets and shops in order to take her items home.
Should face masks be scrapped as lockdown restrictions ease? [POLL]
Sturgeon warned of hard border chaos: ‘Have to build a Berlin Wall’ [INSIGHT]
BBC boss sparks ridicule and backlash over broadcaster claims [REACTION]
“Sometimes she swipes it at a cashpoint and cash comes out, magic.
“So much money is spent from cards and online, even from phones or smart watches.
“Cash becomes a smaller part of our lives, so kids play fewer games with it.
“The link between earning, having and spending money is tricky for little ones to work out and it could set them up for financial illiteracy.”
Ms Cook recently co-wrote How To Raise Entrepreneurial Kids, a book which guides adults how to teach their kids about business and money.
In it she explains that role models are “especially important” to children when they are growing up.
“Kids emulate the people they see around them, and how grown-ups talk and act with money is no different,” she said.
“What a young person learns about money from a young age will shape how they view it in the future.
“Young people unconsciously take on the beliefs and actions of the people with whom they spend the most time.
“The parents in the book all want to set their kids up for happy and successful futures, without being pushy.
“This year especially has shown us that being able to adapt is crucial. Adapting our daily routines, ways of doing things and ways of working has been the only way to get through it.
“Kids who practice being resourceful, creative and resilient now are better placed to handle whatever is thrown at them in future.”
Source: Read Full Article