What money lessons will you pass on to your grandchildren?
Young people face an uphill struggle to buy a house, save a pension and pay off their debts from university.
Students leaving university today will be saddled with an average debt of £44,000. Most will struggle to afford the £30,000 average deposit price on a house until they are in their mid-thirties.
With the odds stacked against them, it has become crucial that young people learn to save for the long term.
Trillion Fund, the lending platform, has put together a list of the top four money lessons you might want to pass on to your grandchildren.
Top four money lessons from the past
1) Take care of the pennies and the pounds look after themselves – the importance of making small savings every day, wherever you can
2) Never spend what you don’t have – don’t go into debt. Easier said than done in today’s world of university fees and mortgages
3) Make do and mend – look after what you’ve got instead of buying something new unnecessarily. No waste
4) Save for a rainy day, or make hay while the sun shines – same meaning really – hard times could be just around the corner
What would you add?
The financial problems facing young people in the future are real, and yet there are few savings and investment products focused on them.
Recent research suggests that the under 35s are now more risk averse than those aged 49 to 64, despite being better suited to taking on more risk with their money.
Other research suggests that the reason for a lack of investing activity among younger people may be that they prefer to invest more ethically.
A survey commissioned by Abundance Generation, which lists investments on the Trillion Fund platform, found that clean energy was the top investment choice for young people aged 18-24.
Or maybe, in seeking safer, more sustainable returns, has the younger generation got something to teach their grandparents about money?
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
Latest posts by Silversurfers Editor (see all)
- TOP 10 Special Interest & Events Breaks From Shearings Holidays - February 24, 2017
- How many portions of fruit and veg do you eat each day? - February 23, 2017
- The unwavering popularity of Optiflame® - February 20, 2017
- Is a Jaffa Cake a biscuit or a cake? - February 20, 2017
- The Active Collection from Hotter - February 20, 2017
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!