The summer of 2008 was what I would call, the summer of denial. No one could see the oncome of the “crunch” and even if they did, they closed their eyes to it, hoping it would go away. But of course, it didn’t. And when it came, drastic cuts to our lifestyles were essential in order to weather the storm ahead.
A year on and people have now become accustomed to their adjusted spending habits – taking on a more sensible approach to bills coming in, and money going out.
This theory is well illustrated by research from Tesco Savings whose latest research shows if given £1,000 prize money, most adults would use this to pay off their debts.
Despite the grounding many adults may have, their children, it seems, are still working to their wish list and struggling to understand these new priorities as they suggested such a win be used to pay for a much needed holiday.
This may prove a hearty chuckle at childish innocence but it also raises more serious concerns regarding the necessary steps needed to teach our kids how to budget for a better life – to ensure they learn the lessons of today to safeguard their tomorrow?
As Christmas draws closer, I wonder how many parents will give in to their children’s plea for the latest gadget, or game stations worth £100’s of pounds. Will any parents be suggesting they make their own presents this year? How many will continue to buy on credit telling themselves they’ll pay it back later? How many know they won’t but take the risk anyway? And how many can’t?
There is never a better time to address these issues than the present – pun completely intended 😉 – Christmas can be the perfect setting to teach our children how we can be more traditional in our choice of present and style of celebration whilst still having a better time than ever before.