Debt epidemic – prevention is better than cure

The obesity crisis in the UK is well documented, as are the social and financial implications; ill health, a rise in associated conditions such as type II diabetes, increasing costs and pressure on healthcare services, early death, not to mention the loss of quality of life, the associated stress and pressure on mental health of those both directly and indirectly affected.
 

Young people today face a similar threat to their financial health from easy access to credit, saddled with debt from an early age, falling real wages, rising house prices, cuts to benefits, cuts to favourable tax treatment of pensions, the threat of Artifical Intelligence to jobs; the list goes on.
 

When young people are faced with what looks like an impossible uphill struggle ahead to afford their own home, let alone save for a pension, is it any wonder that many simply don’t bother, and take a live for today attitude to money?
 

Just as an obese child at age 10 is more likely to grow into an obese adult, so too is a young indebted adult likely to face a lifetime of financial hardship. At age 10, as children are leaving primary school, their attitudes and approach to money are already beginning to be shaped and set by the behaviours they learn from those around them.
 

By 20, young adults are fully exposed to the onslaught of easy credit; those continuing on to higher education face the burden of student loans. Then comes the cost of day to day living……
 

Let’s be clear; Miss Moneyready doesn’t have a magic wand. MoneyReady can’t promise a pay rise or produce a winning lottery ticket. But MoneyReady can help develop positive money habits, an understanding of essential money skills and provide you with helpful hints and guidance to improve your future financial health.
 

Just as with our physical and mental health, with our financial health, prevention is better than cure!

 

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