Their money

HERE’S WHERE THEY SHOULD START

Ashbourne News Telegraph - - FAMILY MATTERS -

UN­DER­STAND FI­NAN­CIAL PA­PER­WORK

KNOW the mean­ing of im­por­tant fi­nan­cial in­for­ma­tion on of­fi­cial pa­per­work such as bank state­ments, payslips and util­ity bills, and in­ter­pret it to plan and set a per­sonal bud­get.

TAKE CHARGE OF THEIR OWN MONEY

AND be able to al­ter their bud­get if their cir­cum­stances change.

UN­DER­STAND SAV­ING & BOR­ROW­ING

BE able to iden­tify sit­u­a­tions where things like credit cards and loans are suit­able op­tions.

RE­SIST PRES­SURE

UN­DER­STAND the ways oth­ers may try to in­flu­ence peo­ple’s sav­ing and spend­ing, and demon­strate how to re­sist un­wanted pres­sure to save or spend money un­wisely.

AP­PRE­CI­ATE VALUE FOR MONEY

UN­DER­STAND there are dif­fer­ent ways to cal­cu­late value for money, and that price is only one fac­tor.

COM­PARE COSTS

BE able to com­pare the over­all cost and ben­e­fits of a range of goods and ser­vices by shop­ping around and us­ing men­tal cal­cu­la­tions, IT tools and com­par­i­son web­sites.

READ THE SMALL PRINT

KNOW about some of the fi­nan­cial prod­ucts avail­able, such as in­sur­ance, war­ranties and bank ac­counts, un­der­stand the im­por­tance of small print and how to work out which fi­nan­cial prod­ucts are best, and know that some­times ad­vice may be nec­es­sary.

IN­SUR­ANCE PRO­TEC­TION

KNOW in­sur­ance gives fi­nan­cial pro­tec­tion from dif­fer­ent types of risk, and ap­pre­ci­ate the fi­nan­cial and emo­tional con­se­quences of not be­ing in­sured if things go wrong.

BE WISE ON FRAUD

BE able to recog­nise and avoid po­ten­tially fraud­u­lent sit­u­a­tions when deal­ing with money, in­clud­ing how to pro­tect PINS and pass­words and keep card de­tails and on­line iden­tity safe.

IN­VEST­MENT RISKS

KNOW sav­ing and in­vest­ing money can in­crease its value and there are risks as­so­ci­ated with these re­wards.

BAL­ANCE RISK & RE­WARDS

AP­PRE­CI­ATE the re­la­tion­ship be­tween risk and re­ward in dif­fer­ent fi­nan­cial con­texts in­clud­ing sav­ing, in­vest­ing, bor­row­ing and gam­bling.

MONEY WOR­RIES

UN­DER­STAND emo­tions may drive fi­nan­cial de­ci­sions and that those de­ci­sions may lead to stress and anx­i­ety.

FO­CUS ON THE FU­TURE

RE­ALISE that sav­ing or in­vest­ing money in the short-term can pro­vide for fu­ture needs and wants and act as pro­tec­tion against un­fore­seen events like un­em­ploy­ment.

CHOICES AF­FECT FI­NANCES

BE aware of the po­ten­tial link be­tween qual­i­fi­ca­tions and earn­ings, and un­der­stand that ca­reer and per­sonal life choices such as liv­ing in­de­pen­dently, con­tin­u­ing in ed­u­ca­tion and be­ing em­ployed or self-em­ployed will have fi­nan­cial im­pli­ca­tions.

TAX BEN­E­FITS

BE aware of tax­a­tion and that it’s used to ben­e­fit the wider com­mu­nity.

The ex­perts: Michael Mer­cieca (above) and (be­low) Steve Ferrari

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