Navigating the money management maze
It’s never too early to learn how to manage your money wisely to prevent financial difficulties from hitting you later in life.
That was the message for a group of thirty-nine 15-17 year olds at a workshop at Westminster Reference Library on 10 August, where Citizens Advice Westminster’s Financial Capability team addressed the topic of “Young people and money management – preparing for a better adulthood”.
The workshop was part of The National Citizenship Service’s (NCS) ‘Challenge Programme’ to ensure that young people understand how their money decisions today may affect their financial future. Also taking part was Dawn Wood, Metropolitan Police Fraud Prevention Unit, who advised the young people on the topic of “Money mules and staying safe online”.
During this interactive and lively workshop participants were asked a number of questions and their answers highlighted their current perceptions about financial matters.
- What would you do with a million pounds? (The answers were quite revealing!)
- What’s your attitude to money?
The various responses helped the group to learn about the different ways that they can earn, save and spend and also how the choices made now can affect their future. The aim was to ensure they can make informed choices about money.
- What does budgeting involve?
- Good and bad debt? Is all credit bad?
- Where do you keep your money safe?
- How to pay for things online in a digital age.
Citizens Advice Westminster’s Financial Capability Co-ordinator, Christina Oby-Onyia comments: “It was a good experience for us reaching young people before they start making serious money choices. The audience was quite engaged throughout the session, asking questions and bringing up suggestions.
“The feedback was that most of them would now think more about how they spend their money; the need for budgeting and saving was big on the agenda. They were also quite wary of doing anything that would get them into bad debt as most of them wished to own their own home in the future.”
If you have money worries and need advice call us on 0300 330 1191.