No matter how rich/poor someone is, they need to have their finger on their financial pulse.
This is critical for those with limited financial resources. Knowing where money is spent, where efficiencies can be made, how to grow it, who to help when things go wrong is vital.
But where is this subject taught? Rarely in the home and rarely in education. As employers are usually the main source of income, do they have a responsibility to teach the basics of money management?
It’s well researched and proven that financial worries impact wellbeing and positive mental health.
In the UK, many are unaware that the majority of people on benefits (Universal Credit) are actually working full-time!
So, whilst basic financial planning needs to be taught, I wonder if there also needs to be an examination of pay verses profits in our culture. Many working in national and global brands are on a minimum wage. Yet the shareholders of those company reap robust dividends. We accept ‘celebrities’ earn millions from reality tv yet nurses, auxiliary staff in the NHS, delivery drivers of essential services etc – earn far less. We saw how vital these services were during Covid.
The only way people on limited financial resources can move forward is with the tools to do so.
Basic finances is something we teach on Growing Talent so everyone going into work can manage their money and grow it.
Time for us all to be more savvy with our money every day – don’t you agree?