Although this latest research suggests that spending habits are formed by the age of 7, habits can be relearned and can be changed.
Learning how to make the most of our money can start at any age and indeed needs to be an ongoing and lifelong commitment. As we move through life and our choices, circumstances and needs become more complex, one could argue that there is a growing need for education around finances and personal financial planning.
Improving personal finances can also positively impact health; financial wellness goes hand in hand with physical and mental health to form overall health.
We are all individually responsible for our own health and wellbeing, including our finances. But we can also all benefit from specialist guidance and this is what financial education and financial wellness programmes can help to achieve.
Employer or employee: who is responsible for financial awareness? Increasing numbers of employees are concerned that they will never be able to afford to retire. Whose responsibility is it to help staff better plan for their future? 22 April 2016 Helen Swire As far as the government is concerned, even children are not too young to start familiarising themselves with their finances. Since September 2014, all secondary school pupils have had ‘money literacy’ lessons as part of their citizenship curriculum. According to research by Cambridge University, spending habits are usually formed by the age of seven, including knowing the difference between luxuries and necessities, and how some spending choices are irreversible. With average credit card debt now at £2,346 (source TheMoneyCharity.org), the intention is clear: learning about money as early as possible could make a big difference to people’s lives.