When you were younger, did you play shops at school? Did you play Monopoly or have a pretend ATM in the corner of your classroom to play banker?
One of the challenges today is that we grow up with shoot-em-up games, or we play for tokens with Super Mario etc. We know it's not like earning money in the real world but ......
Ten! - the average age that children start to purchase items online - Source: Personal Finance Education Group (pfeg) research conducted by Populus, February 2009
So when it comes to understanding how real money is earned, saved, borrowed, wasted or lost people don't get the same teaching as people used to through pocket money, if you were lucky, and bob-a-jobbing.
This means we are less well prepared to manage our money to best effect.
The government saw this and has introduced basic financial principles and learning into the National Curriculum at schools, which is supported by:
(pfeg is part of Young Enterprise & together they are the UK’s leading enterprise & financial education charity. They are there to help those teaching young people about money.)
For those who us who have long since left school, it's still so easy to spend and indeed outspend in this age of pressure advertising and 'easy credit'.
At Services Family, we think that some simple tools and some easy to understand learning modules would make life easier. We want our customers to get the best out of their money and understand where it all goes.
An old wise person said 'you will always spend as much as you earn, and then some'.
But, we need to manage our spending better so that we can afford the treats we all desire.
At Services Family we're working with experts to build customer friendly tools to help our customers manage their money, their family's budget or even a small business ('sole trader')*.
For your financial health, saving will always be better than borrowing!.
So, let's see how we can help you with a 'money makeover’ using simple rules which we could highlight to help you - like understanding interest rates or bank charges, why we should check switching electricity or phone provider etc for the best deals. Hopefully, so you can save a few pence for those treats as opposed to be tempted into borrowing for them.
What bugs you most about money or things you think that could be done better or cheaper? Let us know.
*As a sole trader, you run your own business as an individual. You can keep all your business’s profits after you’ve paid tax on them. See Sole Trader