Do not get wrong. Not all that glitters in youth is gold. I remember her (with nuanced nostalgia) as a splendor full of shocks. The first times that today they make us smile tenderly, then they made us tremble with, at times, genuine panic. I confess that on occasion I have been carried away by a ridiculous dream: the self of this (splendid?) Maturity travels to the past to explain to the young self that nothing is wrong, that everything is fine. Although perhaps, empathy through, it is not something so ridiculous. What if we told young people, for example, how to deal with their first few times with finances without losing their composure?
MarÃa de Palacio Romero, senior banker at Santander Private Banking Valladolid, he shows such empathy, well polished during his outreach and volunteer work in the financial education program Finanzas para Mortales, which is promoted by SANFI. “The normal thing is that, at this stage of their lives, young people do not have a stable income of their own and have the help of their parents. However, they already incur certain expenses (mobile, clothing, leisure, video games, etc.) and more they don’t know how to plan their savings. They are very focused on your present needs, without taking too much into account the future. “To top it all,” factors such as publicity or social pressure from friends have a lot of influence. They often associate the purchase of certain products with the satisfaction of security needs, affection, which puts them in a position of great vulnerability “.
Although we are not mistaken, they are not aliens either. They have more or less in mind what everyone else does. “Traveling, becoming emancipated, buying a home, getting married, being parents Many have an entrepreneurial and adventurous spirit, they would like to start a business or start their own project, live outside of Spain Their concerns are related to the current market situation labor, which does not allow them to be very optimistic. ”
Their first financial movements have to do with “saving to get a driver’s license, finance their studies, cover possible unforeseen events, enjoy leisure” But, in addition, they are “in a stage of life in which the group pressure is enormous, so it is essential educate them in responsible consumption, in smart borrowing, in how to manage their economy. It is important to warn them of the risks derived from online leisure, which can lead them to spend their savings on compulsive purchases online or through gambling or sports betting. “The key, de Palacio concludes, is to” teach them to understand the economic scenario in which we operate and act accordingly “.
Among the main advice that Finance for Mortals provides them, stands out “the classification of their priority expenses: what you need, what you want and if it is worth it. To do this, it is necessary to take stock of the money you receive and what you can spend. “But it is also essential to” inform yourself and be a responsible consumer: evaluate the price and quality of what you consume, and consider the impact of own consumption in society and the environment “.
The internet jungle occupies a privileged space today. “They have to be careful in online transactions: buy on reliable pages, have the antivirus activated and updated, check the addresses of the sites that are accessed “And something that may sound uncool, but that young people should be burned:” You have to save regularly : save a percentage of the money that is entered to cover some expense in the short, medium or long term “.
Safety is another priority. “We advise you to keep your card in a safe place and to avoid theft, fraud or fraud by taking care of your personal information and your cards, not sharing passwords and making them as difficult as possible to decipher”. In addition, they must always bear in mind that “no bank should ask for private information on their account, and that it is convenient to compare and review the services offered by the bank they use, finding out about the products, services, promotions and their reputation. “.
Details aside, the access of young people to finance should be framed in this mantra: “Understand and enforce your rights: it is important to know your responsibilities and rights as a user.” You have grown. You are not a child, but an adult with a new voice, but already valid to rub shoulders with the other tenants in the market. “Economic-financial education enables individuals to be given autonomy and independence, enhancing their self-esteem and ambition and consequently improving the social inclusion and quality of life of young people,” concludes De Palacio.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
