This month we wanted to let you know how we have been raising awareness of the importance of financial planning among young people. 

These conversations included a focus on mortgages, saving for the future, understanding how credit cards work, and building financial confidence. 

Educating younger generations about the importance of thinking of their future finances

The BBC reports that an increasing number of Gen Z and Millennials are opting out of workplace pension schemes due to cost-of-living pressures, which could be putting them on track for lower private pensions later in life. 

For many young people, managing their finances in the here and now is taking priority over saving for the future. However, we wanted to talk to them about their options and help them to find a good balance between coping well today and considering how they will navigate their later lives.

Salisbury House Wealth has been providing work experience opportunities for college and university students. During their time with us, we’ve been helping to equip them with the financial know-how they need to make informed decisions about their financial futures. 

We gave them a comprehensive overview of the mortgage and protection process, providing them with an insight into how these areas work in practice. 

We also discussed the importance of saving for the future, and how starting early can be good practice. 

This included talking to them about how a Lifetime ISA (LISA) can help first-time buyers save towards a future house purchase and benefit from a government bonus. 

Many of the students were not aware that LISAs were available or how they could benefit from one, making this a useful educational exercise. 

Finally, we spoke with the students to help them understand more about how credit cards work. This conversation also covered why it is important to manage credit responsibly, and how credit could affect their credit record and ability to access finance in the future. 

Christine Attwood, Mortgage Admin Team Leader, said: “I hope that the students have benefited from the knowledge and guidance provided and that it has helped them to start their financial journey with greater confidence and a better understanding of the importance of planning ahead.”

Get in touch

Talking to the younger generations about wealth planning could help them to build a resilient financial plan of their own. 

If you’d like to ask us anything about how to talk to your own children about finances, please get in touch and we’ll be happy to help. 

Please note: This article is for general information only and does not constitute advice. The information is aimed at individuals only.

An ISA is a medium- to long-term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.

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