Looking at today’s society, there are more and more young people struggling with mental health problems. Research has shown that 24% of young people from the ages of 5 to 19 years old who have a mental disorders came from families that struggle to function well, while only 10% were found to be surrounded by a healthy functioning family. That dysfunction can range from relational to financial issues.
As a parent myself, it may appear easier to focus on what happens when our young people become mentally ill and the support that requires, however, I want to prevent this from taking place at all. This is why I work for Savvney. We are passionate about seeing young people live free and full lives.
A combination of normal teenage insecurities and the idealised world of social media can create a toxic cocktail for young people who feel the need to increase their spending in order to maintain appearances and fit in with their peers. This drive to keep up with the Joneses leads to further financial problems, debt and even more worries.
So… you ask, what can we do as parents?
Many young people are disheartened about their finances, either because they don’t have enough now or they worry that in the future, once they leave home, they won’t have enough to fund even a very minimal existence. Many have learned bad habits from us as their parents, or we just haven’t taken the time to teach them how to manage money.
Here at Savvney, we want to teach young people how to form healthy financial habits from a young age, that will stand them in good stead in the future. Having options automatically reduces fear of the future – I want that for my children as I am sure you want that for yours, too.
Sign up for our Student Essentials videos for only £19 (inc. VAT) to equip the young people in your life with the tools they need to view their future finances with hope.
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content.