Childhood money management could reduce debt troubles

Mon, 02 Apr 2012

Receiving education about effective money management in childhood could reduce the likelihood of a person experiencing troubles in later life.

Kim Stephenson, occupational psychologist and author of Taming the Pound: Making Money Your Servant, Not Your Master, has noted it is important to get kids in to the saving habit at an early age.

The expert observed placing a greater emphasis on putting money to one side ahead of spending it can help youngsters develop good practices to benefit them as they grow older.

He stated: "Children learning that the thing you do each month is save will end up doing it automatically - then the habit they have will be one that will help them."

Helping individuals place cash to one side might therefore serve them well as their financial responsibilities increase and the risk of becomes more real.

For older children, Mr Stephenson recommended giving them the experience of judging value and informing them of the consequences of poor money management - such as restricting mobile phone use to emergencies when they are unable to settle their bills.
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