Are The British Bad At Money Management?
The Brit’s ability to manage their money has dramatically decreased over the least few decades, but who’s to blame? Is it the rise of the ‘throw-away’ culture which means Brits are constantly striving to get their next spending-fix by any means. Or are the money-lenders like banks and store-card operators to blame by allowing almost anyone to get their hands on instant cash. Either way, emphasis is no longer placed on managing money well.
Times have changed in the recent decades, with it widely accepted that children can be lavished with expensive computers/games/toys on their birthdays and at Christmas. Unfortunately this has only led to children believing they automatically have the right to the best of everything. What is left are generations of kids unaware of the importance of spending wisely or saving for the future.
Adults also have a rough time thanks to the retail sector’s constant bombardment of the latest ‘must-have’ products. With everything on the high street labelled as the latest ‘must-have’ buy, adults find themselves competing to own the best of everything, whether it’s the latest laptop or the latest designer clothing. This only leads to the image of success being placed on material goods rather than on morality or hard-work.
It can’t be denied, however, that the recent economic downturn has lead to more adults learning to improve on their money management skills. The rise of discount shops, comparison websites and in-store discounts prove there is a definite increase in thrifty spending, with most Brits taking care of every last penny.
However, the state of British money management is unlikely to improve until emphasis is taken off superficial success. Only once children learn from an early age the true value of good money management, and money lenders limit who they lend to, can our nation once again be considered to have good money management skills.
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