Money In Wallet Uk Notes
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How much did you know and understand about finances when you were 18? I know I was very naive. Having worked part-time jobs, I was somewhat aware of the tax system and had experience with budget work, but had never had to pay household bills or consider which bills were a priority over others. I think going to college and moving into college dorms was a good introduction to living independently, but without it I’m not sure how some people would have managed. Maybe I’m different from others my age who maybe had more support or learning at school and knew more at 18, but I think a lot was similar to me.

Teenagers Around A Laptop

Lessons at school when I was young

I think there are so many more lessons about finances at school these days and kids grow up much faster these days with the advances in technology etc. When I was at school I don’t remember doing much about finance apart from general stuff in math lessons about percentages. Even when I was young and in primary school I don’t remember doing much with money, there are so many money games these days that kids can play to help them learn about change etc.

I would like our food/cooking lessons to focus more on budgeting and maybe geography lessons to think about planning a trip to a country we are studying and how things cost there etc.

I don’t remember learning anything about saving and even in young adulthood the first I really knew about stocks and investments was when I had to look at where to put my son’s Children’s Trust Fund money and investing it in stocks was a option. If only they could show us games like this stock game, I might understand them a little more!

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Lessons I think they need right now

I’m not aware that my son has had any specific lessons on finances, but due to his autism he has always attended special needs schools and is currently at a special needs college, so possibly covering more things like this soon. However, he looked into finances in terms of food shopping and ingredients needed for a recipe.

While I think this may be an unpopular opinion, I personally think that a lot of teaching about finances comes from parents. This could be using money games online, showing them bills as they get older and giving them pocket money and budgets to buy things like Christmas presents.

What I wish I knew and I’m sure my son will know

I am by no means saying that my family didn’t teach me what I needed to know, it was possible in many ways that things were different then, after all I am 42 and things do change. However, I wish I had known how many bills were before I moved out. I had no idea until I had to find out how much the utility bills would be, how much a TV license is and what things like council tax are even for!

Right now my son gets pocket money which he is expected to use to pay for hobbies and gifts he wants to buy for people as well as his lunches at college. He gets a sufficient amount for this but has to work out a budget, so although he may have £100 in the bank, he can’t spend it all as he needs it for things like university food and his girlfriend’s Christmas present. As he gets better at this he will have an increase in pocket money but also have to budget and pay his phone bill and then move forward to an amount for food and lodging!

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I’m not sure if I’m doing it all the right way, but it feels like I’m gradually introducing him to being responsible for his own finances and helping him understand by showing him bills and expenses when I can.

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