It has come to our attention that something we’ve been advising our readers for a long time regarding credit cards is now bigger news. Apparently Moneysupermarket.com have issued a statement telling the public that people need to be better financially educated, and this way they would be better prepared to handle their finances. Well, good for you moneysupermarket.com, we didn’t realise this. Do they take us for fools?
Of course people need good sound financial education, but where are they going to get it? It will probably be offered by a large bank or other financial institution that have other motives that are not so benevolent. I can see it now, free financial advice for youngsters against getting into debt with loans and credit cards, from your friendly bank Lloyds, or HSBC or some other self serving institution.
Financial eduaction needs to begin in the family and needs to be taught by responsible parents. This is simply because if you bring your children in an envirnoment where the credit card is used to get people out of trouble at the very first instance and the concept of saving money is completely lost, then there is no amount of schooling or specialist training that will prepare the children for what they have in store for them from the real world.
We all have to be resposible now and begin to educate the young ourselves; we should begin by leading by example.