Financial Education

It is a truth universally acknowledged that one of the most important aspects of anyone’s life is their financial situation and yet finance is not a subject that is commonly taught in our schools. Recent surveys by the Money Advisory Survey has revealed that the majority of Britons do not understand many basic financial concepts, do not budget and do not plan ahead. Fortunately, there are a number of charities and organisations whose aim is to promote the idea of a financial education to the British public. At the same time, however, with many people attempting to make money by selling various types of financial education to the public it can be a very confusing topic. Who should you trust?

At SameDayLoans we believe that no financial education would be complete without learning about the proper way to obtain and handle consumer credit. In our society, there will be very few people who live out the course of their lives without taking out any form of loan whether this be a mortgage to finance purchasing a home or a credit card to help spread the cost of paying for a large purchase. It is crucial that anyone who is borrowing responsibly make sure that they are conscious of the total repayment amount before they borrow and that they are clear that they will be able to repay it within the time agreed. At the same time, how many people can say they have received a financial education which teaches them these principles?

Amongst the organisations within the UK who are attempting to provide sound financial principles to the public at large is the Money Advisory Service. This is a government sponsored organisation who provide general financial principles to the public via the medium of their website. If your looking to begin a basic financial education or wondering where to take your finances next then their website is a good place to start. They offer a free Money Health Check which will allow you to fully take stock of your current financial situation. If you are currently considering a loan, for instance, taking this test should help you to decide whether or not this is the right decision for you.

One other organisation which will help put members of the public in touch with sound advice on financial matters is the Citizens Advice Bureau. They offer free and impartial help with debt and other basic financial matters to members of the public within Britain. Alternatively, if you are well off enough to be able to afford an IFA (independent financial advisor) then these are highly trained professionals who are capable of advising you on which financial products to pick to suit your needs. This can include helping you to decide whether or not to take out a loan as well as what exact type of loan to take.

However, it is also important to remember that the area of financial education is one which is notorious for attracting charlatans and con men. Much of the advice available on the open market is deceptive and may be illegal. As such, consumers should always remember that if anyone is providing financial advice within the UK then they must be registered with the Financial Services Authority in order to do so legally. This should mean that you can find them on the publicly available FSA register.