I’ve just turned 36 (oh my) and yet even to this very day I have to borrow from the bank of Mum and Dad sometimes! It’s a bit embarrassing but in this day and age it’s nigh on impossible to get on the property ladder without some sort of footballer type wage or lottery win and I’m forever grateful to our parents for lending/giving us money when we embarked on that first rung.
It wasn’t so much that we didn’t save but more like we couldn’t! We were renting in London and spending a fortune on that and then, well, we HAD to live a bit din’t we otherwise what would have been the point in living in one of the most fun cities in the world! We were lucky when the time came to become responsible and our parents were in a position to help us. I do wonder now, when house prices are even more ridiculous, how first time buyers manage without a leg up? I doubt many can…
Saying that, Satsuma Loans commissioned a survey recently that has shown young people are more financially savvy than their parents who are shown to be clueless when it comes to money! Apparently internet savvy kids know it all while the 45-54 year olds have very little understanding of even their own bank accounts! I had wondered whether modern day technology would leave my children with very little ‘money knowledge’ but apparently it’s the complete opposite! I see Florence asking for apps on her iPad and when I told her that they cost money she couldn’t understand why I thought that when all I had to do was press a button; I guess as they grow, with technology being at their fingertips from such young ages, they just have it in-built by the time they’re grown and don’t need to have the cold hard cash to make things come together for them.
I just took the quiz by Satsuma to find out how clued up I am when it comes to my finances. I didn’t do too badly but there were definitely some things which flagged up that I didn’t know and must find out! Things like how often I change energy suppliers as it could save me money and how much interest rates are at my bank should I take a loan out. I thought I was on the ball but perhaps not… How clued up are you? Take the quiz, find out and watch these guys to see what these guys do with their money!
In association with Satsuma Loans.
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