MSE News: Young people have 'dangerous gaps' in money knowledge, charity says

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"Young people are entering their adult life with 'dangerous gaps' in their money management skills, according to Pfeg..."
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Young people have 'dangerous gaps' in money knowledge, charity says

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Young people have 'dangerous gaps' in money knowledge, charity says

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2012 £ 3147.74 2013 £1437.532014 £ 2356.52
I think in my school, there was definitely time in the mornings during registration to fit in some of these skills. We'd sit for 20 minutes, only two of which were taken up by the actual register. IMO there's far too much emphasis on academic subjects. I can work out lengthy quadratic equations or the length of x in a triangle; but what good is that when I need to work how much I'd pay in interest over 60 months with a car on finance?! Maybe if academic subjects were taught with examples of how apply them to actual life experiences, rather than just basic facts, we wouldn't have this problem.
It shocks me that so many young people clearly don't understand some key facts about borrowing, but then again it doesn't really surprise me. I certainly was never taught about it at school. I guess most of what I know mainly comes from my parents (who both have very good credit ratings) and from general research. I'm just trying to get my credit rating up to scratch ready for some day when I might need a mortgage or loan to make a big step in life.
In any case, this is alarming news and needs to be sorted.
Live for today mentality rules with some people either young OR old.
Being 50 something I was always told by parents to save for basic items, now only some people do same :money:
Do these young people not have parents, were they raised by wolves? This is not a job for schools, it is a job for parents, to pass on their values and wisdom. It's nto that difficult, is it. If your bank statement has DR then STOP SPENDING. NOW.
Stop spending on wants until the statements say CR. An introduction to Wilkins Micawber from Charles Dickens would be a good place to start...
Hell, I know a 42 year old man who thought it would be a spiffing idea to take out a payday loan, for 15 days, for more than he would get paid at the end of the month.
I also know someone else who thought it would be a fantastic idea to charge the services of rather expensive working girls to a company credit card...
When I was at uni, 10 years ago, I saw when the student loans were paid, I saw no end of students carrying a Harvey Nicks bag (Leeds). One student who sat in front of me showed his purchase - a £125 jumper! I think the SL payment was about £900 per semester.
Student loans are for books, food and bills - not for designer clothes!