Free workshop for school leavers – Basic Money Skills
As part of our community initiatives to educate and support the UAE with financial planning and understanding, Finsbury Associates has kicked off a Money Skills campaign aimed at Year 13 students leaving school this summer.
A recent survey found over 90% of school leavers haven’t ever discussed budgeting or the basics of finance with their parents. Only 45% have had any sort of budget education or advice. The consequences of low levels of financial literacy can be significant. Low financial literacy when leaving school, is linked to a host of negative credit behaviours, including higher borrowing rates not to mention how financial stress and credit card debt have been tied to an increased likelihood of missing lessons and dropping out of university or college. The disconnect between what pupils are learning in school and what they need to know in the real world is huge. Financial Planning – Understanding the basics workshop. Our workshops focus on the following core topics:
- How to budget
- How to save
- Credit card fees and debt management – the consequences of loans
- The effect of FX on your day to day money and international card fees
We asked students what their plans were upon leaving school this summer.
Over 95% of students plan to continue with formal education, which along with UCAS (university admissions) figures in the UK, reflect this as a record high for students continuing their studies. 32.6% of the UK’s 18 year old population will be entering university or college education of some description.
That’s a huge number of young people from all walks of life in further education. But it’s also a huge number of young people taking control of their finances, most for the first time.
Whatever students choose to do when they leave full-time education in the UAE, it is vital that all students are taught the basics of financial planning. For many, this will be their first time away from home, friends and families so it’s important that we support students and make sure they’re financially aware so they can avoid the stress of poor budget management and enjoy their next step into the world.
What can we do to prepare school leavers?
- Include kids in financial decision making
- Share your top financial reads with kids, whether it be Bloomberg, FT, or other trusted publication
- Make the time to discuss money with your kids – it might not be as exciting as the Ipad, but it’s often received as a genuine sign of respect and care.