WISE Words
In politics, if you want anything said, ask a man; if you want anything done, ask a woman.
Margaret Thatcher
Young people overestimated money budgeting skills
Financial education for the young needs to be improved, according to the Personal Finance Education Group (pfeg).
Many people are finding themselves struggling as they start university in terms of money budgeting as they have come from financially "protected environments" at home, said director of policy Alastair Mathews.
He added that many young people initially think that they're good at managing money, "sometimes because they haven't yet got much experience of doing it".
"Students have, by and large, lived in protected environments as young people at home - and are then suddenly exposed to a quite different level of managing money independently, with all sorts of new demands, interests and possibilities on which to spend it."
In the recent Future Leaders Survey 07/08, 12 per cent of the prospective university students polled said that they planned to invest their student loan in a high interest savings account.
The Rich Lady believes that financial education is essential for all ages.
The more important issue, I feel, is to understand why so many people remain unable to manage their finances later in life - especially women I fear. What is it that leaves us so unprepared?