In the run up to November’s Talk Money Talk Pensions week, our Financial Capability team tell us about their worst and best financial decisions, their plans, and why it’s important to know what you’re doing with your money.
Here, Scott Mowberry – our Financial Capability Relationship Manager for North London and East England – talks about his financial planning and explains why it’s so important to teach the younger generation how to manage their money.
Worst financial decision
Taking out a graduate loan to go travelling when I could and should have just worked and saved the money.
Best financial decision
Buying my first flat (when I really couldn’t afford it!) as this has become a good investment over the longer-term.
What age are you planning on retiring or semi-retiring?
As soon as possible!
What is your next financial goal?
Paying off the mortgage on our home.
Which money decision, each week or month, makes you feel good?
Contributing to my pension, over paying on our mortgage payments and putting a percentage of my monthly salary straight into savings.
Why is Financial Capability important to you personally?
For me, financial education is as important as literacy and numeracy. Having the ability to read, write and understand maths is essential, but no more than being able to manage your money.
Many of the jobs that our current young learners will go on to do don’t even exist right now. We need to create a future generation that know how to live healthy lives – physically and psychologically – and can adapt and learn independently.
The subject of `Money` covers language, geography, history and technology. It also covers PSHE, Business and Economics as well as careers and work experience.
Financial capability can nurture and highlight enterprise, creativity, teamwork and decision making. It makes you think about risk and reward and planning for the future.
In fact, I think you would be hard-pressed to find a space in the school day where the subject of money wouldn’t fit.
But in spite of financial education being in the national curriculum, thousands of young people are leaving schools and colleges without even the basic understanding of money. These young people don’t know the difference between credit and debit, good debt and bad debt, wants and needs, how to budget and how loans, overdrafts, credit cards or mortgages work.
To ensure young people have a truly independent future and can make the most of their education, they must be financially capable.
Money has an impact on every aspect of life. That’s why I am so passionate about financial education!
More in this series
Find out more about Financial Capability
More about Talk Money, Talk Pensions Week