Parents need to educate their kids on savings accounts and other financial matters before sending them off to university, one personal and business bank account expert recently said.
Yvonne Goodwin Wealth Management’s managing director, Yvonne Goodwin, recently remarked that younger Brits need to be provided support and guidance if they are going to be able to not only grow their savings accounts but keep their current accounts in good shape as well. Many university students have to resist the temptation in spending the lion’s share of their student loan on such luxuries as meals out and clothes or risk struggling for funds for the remainder of the academic year, Ms Goodwin stated.
This means that Brits need to spend more time with their children teaching them how to live within their means, the managing director states, and one of the best ways to do this is through leading by example. Speaking to your children about money matters must be done early and often, Ms Goodwin urged, as trying to give a soon-to-be university student financial advice is harder than getting two dogs in a bathtub.
A recently conducted survey from Marks & Spencer Money found that over half of people don’t think ahead when it comes to aiding children with charges associated with tuition fees. Despite this, Ms Goodwin said that if Brits are using advance planning to aid their offspring with extra university costs, this will highlight to children how valuable it is to save for the future, giving young university-age Brits more incentives to spend their cash in a careful manner, which will make their experiences at university that much better.