Start financial education early in life

Think about how you began to form your habits

Think about how you began to form your habits. It was mostly likely something that you started doing when you were younger and now that you've been doing it so long, you can't stop doing it. The same thing goes for Financial education. If it's something that you learned at a younger age, you are more likely to continue it through adulthood and even pass on to your own children. Financial education is a very serious issue and will continue to be serious. In fact,more people need to take an active interest in this matter, but do not. It is a largely overlooked area where we need to improve.

Financial products are constantly evolving into different products and our Financial education should be keeping up with it. Face it, banking was a lot easier thirty years ago. Thirty years ago, there were no such things as reverse mortgages, or home equity loans that went one hundred and ten percent loan to value. But now they do exist and unfortunately are more popular than ever. But ask some of the people that have these loans what exactly all that means and they won't be able to tell you. Because they are not able to tell you what that means, they probably don't understand the precarious financial position they are in, but had they been properly educated in finances, they might not have taken that loan in the first place.

So the main point of Financial education is for people to empower themselves about their financial future. It's so important that families understand this so they can have the tools they need to be able to implement a monthly budget. From that, the monthly budget will enable them to set money aside for larger purchases. Also with some strategic planning, they will be able to make wise investments for their childrens' education and for their own retirement accounts. But most importantly, once a family starts doing this, their own children will see this as the norm and even start practicing it themselves.

Start financial education early in life

By: Shane Burke

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