Gary Oxborough is Practice Principal at Barlow Irvin Financial Services. This month he talks about his passion for financial education for young people and why it has never been more important than it is now.
New Generation
As you may have seen on our social media pages, we have recently expanded our team with two trainee mortgage advisors. One of the reasons I wanted to do this was to bring some younger members into our team who can relate to a new generation of homebuyers. Both Kish and Kate have brought a fresh perspective into the office and I’m sure they are both embarking on what will be very successful careers within Financial Services.
One thing I have been quite passionate about for some time is the amount of financial education our young people receive. I am not talking about the in-depth training that our trainees will receive, but I believe all young people should leave formal education with a basic understanding of how personal finances work. I know from my own children that their understanding of how money works can be very limited. I have talked to them at length about this and hopefully they have a bit more of an understanding now. I am sure if we could have this as part of the curriculum in schools it would have a massive positive effect on children’s future. If they left school understanding how loans and credit cards work, what a mortgage is, how having the right insurance in place can safeguard your future and the benefits of saving from an early age, then I’m sure they would be less likely to find themselves in financial difficulty.
Finance and Wellbeing
One thing that the pandemic has reminded us of, is how important finances are to our overall wellbeing. Whether that’s the furlough scheme or government backing for small businesses to ensure they can continue to trade, it has been a major part of how the country as a whole has coped through the lockdowns and how we will bounce back to normality. I really believe a good understanding of your personal finances and how to make them work for you can make a huge impact in many areas of your life.
Has helping our young people understand these things better ever been more important? Let me know your thoughts.