Over Global Money Week, we are featuring guest blogs from key stakeholders, i.e. the people who collectively help achieve financial literacy.
Today we present the thoughts of Rebecca Bolton, Financial Capability Manager at ICAEW Chartered Accountants.
We need to talk about money
Financial education is vital in helping young people to feel confident talking about money. It can help them identify money-related concerns and issues that they should be aware of throughout their whole lives, including the importance of saving to protect their financial safety in future years. Financial education can help young people feel in control of their financial future and empowered to make important life decisions – whether that is in the present or in the years to come.
ICAEW Chartered Accountants work across a wide variety of industries in a multitude of roles but we all at some point have to learn how to have open and honest conversations about money.
These conversations could take many forms. It may be speaking to a client who you are providing personal tax services to, a family business owner who is looking to sell his business and retire, the finance director at a large company who wants to know if he will be able to pay a bonus to his staff this year, or any number of other scenarios.
We support the teaching of young people about money in a practical and pragmatic way, using real-life examples and a realistic, rather than purely theoretical, approach to concepts such as debt and financial risk. This approach seeks to instil confidence into young people, so they can honestly consider their own financial situations and be not only prepared for conversations about money, but also able to make the best decisions for their own circumstances.