The more financial education, the more savings and better rational use of credit. This statement shows that having adequate knowledge in economic matters will allow managing personal finances more accurately, always making the most appropriate decisions to avoid indebtedness. However, for this learning to be effective, it is necessary to start working from an early age, becoming a fundamental pillar both in educational centers and at home.
This is one of the main conclusions of the latest Intrum European Consumer Payments Report, which shows that economic uncertainty is driving the interest of Spaniards in improving the financial education of their sons and daughters. According to this study, 60% of mothers and fathers recognize that they dedicate more time than before to fostering at home the learning of basic economic terms and principles for better management of personal finances.
It is in childhood where it is recommended to start instilling good financial habits, since it is when you begin to understand that every action has its consequences. Therefore, in addition to helping younger generations assimilate the most common economic concepts, it is even more important that they understand the importance of not contracting debt. In fact, as the study carried out by the firm specializing in credit and asset management services shows, 68% of those surveyed acknowledge warning their children about the risk of getting into debt.
This statement places the Spanish as one of the most aware nationalities in Europe in this regard. Of the 24 countries analyzed, Spain is the third in Europe in which fathers and mothers are most concerned about teaching their children not to incur debt, surpassing the European average (60%) and other large markets such as Italy (64%). ), France (60%), Germany (58%) or the United Kingdom (53%).
Improving the financial security of sons and daughters, a priority in the face of an uncertain future
Although teaching youngsters the value of money and the management of their finances is a lesson that will contribute to their future financial security, for many Spaniards this is not enough. Proof of this is that 68% of them admit to saving more than before in order to create an economic mattress for their children.
This concern for the future has even caused 54% of those surveyed to have advised their descendants more than once to focus their career aspirations on getting a well-paid job, instead of pursuing their professional dreams if this means accessing to a lower paid position.
The data from the Intrum study reflects the growing fear of the Spanish for the long-term economic situation. Therefore, in the face of this uncertainty, the most appropriate thing to do will be to understand the financial risks that could lie ahead and learn to manage finances in a sustainable way. To achieve this, the key will be to understand that financial education, both in the younger and older generations, is essential to becoming responsible consumers.