Young Aussies are drowning in debt. This advice could help prevent your teen becoming one of them
Arming your child with basic financial information about budgeting, spending and saving can help them avoid poor choices later in life, explains ASIC MoneySmart senior executive leader Laura Higgins.
"Running up too much debt on a credit card or not insuring their car properly can have a huge impact on a young person," she says.
Debt is a huge problem. A third of young Australian households are considered "over-indebted", which means what they owe is three or more times their income, or 75 per cent or more of the value of their assets.
https://www.abc.net.au/news/2019-05-05/teaching-kids-and-teens-about-money-management-skills/10923584Open linkView original on aussie.zone
7 replies
Yeah! Financial information like:
The Australian government can always pay as many Australian dollars as they choose, for anything. They are not financially constrained, they issue the currency directly, at will. Don't ever believe their lies about being unable to pay for good government services by waiting to “balance the budget” or “find the money”, it's bullshit.
We can tax the wealthy more than we tax working class people, we've done it many times in the past. We can tax the excessively wealthy even more than that, and thereby remove most of their wealth. This fights inflation and restores financial power to the normal people with normal amounts of money.
Joining your worker's union gives you collective labour power, to counter the collective financial power of the plutocrats running the employers and making your job miserable. Better job conditions and better income are some of the benefits to be had.
Housing is a human right; treating it as a financial investment is incompatible with that right. Australia has more than enough housing for its people, anyone has a right to a safe stable comfortable home, without any requirement to financially support someone else (or their bank)'s wealth. End the exploitative housing market and your finances can go a lot further.
Good financial information like this is available, and I advocate teaching it to young people.
Hear, hear! 👏
It sure is! There's no reason to force people to go into debt for basic human needs. We can bust the debt bondage and cancel unjust debt, by cancelling economic rent and letting ordinary people's finances go much further.
They need to buy less avo toast of course!
Yes! Mine don’t eat avocado any more, and all of them have savings with reasonable balances.
It’s definitely avocado. Especially smashed.
They could be even more wealthy if they gave up the luxury toast, and just had a lick of butter!
Hahahaha