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Investing for Children to go to University (if they so wish)
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MoneySavingExpert
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They then typically come to this forum to ask for advice and get lambasted
Hmm, what's going on with my nose now
For the record, totally agree with you. I then see the dismissive posts on here from "The Perfect Bunch" - it's a parenting issue, just teach them how to manage money.
No it's not a parenting issue at all. There's phrases to counter phrases. One I'll use is kids-will-be-kids and I'm sure those who don't agree with me will have phrases to counter that & so we go round in circles throwing phrases around all day long, everyone thinking they're right.
I was taught about managing money as a kid and I understood the concept ... but I didn't appreciate it.
Did my parents teach me badly? No not at all. They taught me fine enough but I was a kid & just wanted to spend spend spend, it felt good.
So then after taking a long time to save up my very first £1,000 as well as working all through the summer holidays between the age of 17-18 so I was earning more on top of that £1,000, by the end of going back to school (6th form) in September, or I should say by the end of September, I remember clear as anything - I finished September with £2.67. Not even enough to withdraw £5 which I could do at Yorkshire Bank as the only £5 dispenser in town at the time.
I felt absolutely crap. I looked at what I had to show for it - a few CDs, few DVDs and a lot of McDonalds. Nothing.
But as crap as it felt at the time, it was the best thing to happen to me money-wise as at that moment I went from understanding to appreciating my parents lesson. It takes so long to build yet it goes so easily. That one moment alone changed how I manage money.
So as has been said in the thread, I wouldn't be trusting any 18 year old to "do the sensible thing" with any money that's been set aside for them.
Of course, we're not all the same & some will be totally switched on at 18 but I'd argue that the majority would do exactly what I did & that's spend spend spend, get it out of their system, then realise it doesn't come so easily.