Personal financial literacy is the best life skill you can ever obtain:
No young person should enter life without sound personal financial knowledge. Not only will the knowledge empower them, it also offers financial protection to their parents: as young people become financially independent at a younger age, it allows them to take responsibility for their own finances. In that case, once their children are actually independent, parents can begin saving for their retirement again. Before they retire, those parents will be able to maintain a higher standard of living, and then go on to be financially independent upon retirement.
Whether you are unemployed, an employee or an employer, you can always use your personal financial skills in a positive way – and for employment in the huge Financial Services Sector. Personal Financial Management will teach you how to identify (and quantify) those factors which could have a positive (or negative!) influence on your personal finances and your financial future.
Unfortunately, for many young people informing themselves about financial matters is not that high on their list of priorities. For this reason, it is often up to the parents, in particular, to ensure that their children gain this life skill – either at school, or after completing their school career.
In general, there are three ways in which young people lose money or take ill-advised financial decisions: a lack of financial know-how, unwise transactions or business deals, or through failed relationships (living together, getting engaged, marriage or divorce). In many cases parents are left to pick up the pieces – something which has far-reaching financial consequences.
The best investment ever!
No other investment can guarantee you and your child as big a return, as this one – personal financial empowerment. You will see returns on your investment over a lifetime, and your children will be able to face life as financially informed individuals. They will cope with whatever life throws at them, because you, their parents, empowered them.
Give your children a head start in life – something which their peers can only dream of – by helping them to know how to plan and manage their finances. Personal financial skills can be learnt.