It is a sad fact but many people retire only to live in poverty. After working forty odd years and over that time earning hundreds of thousands of pounds many have very little to show for it.
What happened to it all? Well, most of it would have just slipped through your fingers. Why? Well, schools are very good at teaching us many different subjects including maths, but the one thing they do not teach is personal finance and how to make money work for you rather than you working for money.
So where can our kids learn about personal finance? Well, it is up to us as parents to teach them. Trouble is many adults are not too good at looking after money either, again because we were not shown how to in our youth. Let us face it in most households money matters are not discussed between parents and children. Now I am not suggesting that we start showing mortgage and bank statements as some parents, especially with pre-teens and teens, may find an admission of their financial status embarrassing.
What we can do is advise our children of the pitfalls and dangers that await them in later life. Draw from your own life experiences and dealings with banks...
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