Research shows that kids as young as age 7 begin to form life-long money habits. Following are some simple steps adults can take if they want to ensure their 7-year old child develops a good relationship with money that will last them a lifetime:
By Frank Conway
As the college examination period fast approaches, now is the perfect time to look at a major global issue that can have a significant life impact for every student.
Ever wonder why some people have all the luck in life? Or appear to? Well, sometimes, it may not be down to luck at all. In fact, in many cases, career success can be as a result of long-term planning and some important choices taken early in life.
And early intervention is becoming more and more critical, especially where money is concerned.
Rise in predictive algorithms
Across the globe, the rising use of a predictive algorithm on how we use money is becoming central to making predictions about our financial personalities. This is generally referred to as credit profiling; where how we pay our debits and other bills in the past is being used to predict our future financial behaviour. In other words, each of us is summarised as a three digit number and this number represents how trustworthy we will be with money.
Difficult to escape the net
For most Irish undergraduates, if they plan to live and work abroad, the countries most popular are the UK, the USA, Australia, Germany and Canada. But in each of those countries, a tightening net of financial information means that it will be difficult to escape the data net. In the UK, USA, Canada and Australia, global companies such as Experian, Exquifax, and Trans Union all have some major presence in mining personal financial information. Even in data-sensitive Germany, the much dreaded SCHUFA holds and manages credit information on over 66 million ‘natural persons’. And the data managed is enormous with far reaching consequences. But even here in Ireland, there is little escaping the credit net with a new, more robust Central Credit Register due to begin replacing the existing Irish Credit Bureau (ICB) in 2018.
Far-reaching life consequences
Personal credit information has far reaching consequences for today’s undergraduates. Unlike 20 or even 15 years ago, the use of personal credit information today is far more advanced and used by more and more stakeholders. Those include:
3 simple steps to protecting your personal credit profile
For today’s college undergrads, knowledge is power. In fact, they are in a prime position to ensure they protect and grow their personal credit profile if they do the following:
Frank Conway is a qualified financial adviser and Founder of MoneyWhizz, the financial literacy initiative.
Watch this 5 minute video on personal credit reports
By Frank Conway
It’s never too early to start planning for the things you want to achieve in life. And depending on what those plans are, some will require more planning than others. In fact, the following 8-point plan could be used to prepare to run a marathon as much as to prepare and buy a car, or fund further education or even start your own business. So here goes:
Remember, patience is a virtue when it comes to any plan and the longer the plans is for, the more patience you will require. But if you have the financial capacity then the rest is very possible. So best of luck with your plan and achieving your money goal!
MoneyWhizz is the leading financial literacy provider in Ireland and publishes engaging content for primary, secondary, third level schools and colleges.