Three Scary Stats
1. One third of us go over budget more often than not.
2. 42% of Londoners have less than £100 in savings.
3. And one out of ten confesses to being terrible with money.
You know what's coming this week. The third and final part of our first mini-series.
You've been crying out for more series and we've got a few good ones lined up throughout the rest of the year. When I say you've been crying out - no one actually has - but I have just written a load so you'll be getting them anyway.
Next week we're back to a normal blog. Bit of a tear jerker mind.
Ahhhh, I’ve always been rubbish with money, man.
3. One out of ten confesses to being terrible with money.
ˈtɛrɪb(ə)l/ - adjective
1. extremely bad or serious.
So, 1 in 10 of us think were terrible, or extremely bad with money. Which isn’t a surprise when you think about it. There is currently no personal financial education within the curriculum in the UK. Most of us are brought up being told it's rude or weird to talk about money, particularly someone’s salary. Our earliest memories of money, or lessons we learn growing up, usually stay with us and affect our biases now. Chances are you’re a very different person to your parents or at least have a different financial landscape now.
It’s basically less taboo to talk about your sexual exploitations, your religious views, your political leanings and daily bowel movements, than it is to talk about money.
Why is that? The number of people you have slept with seems far less important than sensibly managing your money, achieving financial independence or at least not being terrible with money.
Yet we wouldn’t talk about money with friends or even family. I don’t know the answers but I do know that we need to talk about money more and educate people to make smarter decisions. As we know from experience, a problem shared really can be a problem halved, and if someone spares some time to listen to you intently, you will often find that you come up with the answers for yourself.
If anyone has any money questions - let us know. I want to try to start getting people talking and thinking about money so that all the problems are out on the table and solutions can be found.
I hope the previous two budgeting and saving blogs might help some people get their finances on track, especially if you’re not comfortable talking about money yet.
If any of this has helped - give me a shout. I love a success story. I literally am one myself. Useless with money, no direction in life, happy go lucky. Financial Planning changed all that... I think.
Alfie Mullan, September 2018