Guest Blogger Gabriella Bedford
In this special guest blog, Sammy Rabbit is proud to showcase British financial campaigner Gabriella Bedford!
I met Gabriella while being a virtual guest speaker for the teen founded and led enterprise, The Economic Literacy Initiative.
Gabriella shares, "Although I've not personally done much with my finances, over the last 10 years I've amassed a wealth of financial knowledge and now use it to help others and raise awareness of why financial literacy is so important."
Are We Educating Our Youth Into Debt?
We live in a society where we educate our youth into debt—primarily through the student loan system. And, we do this without teaching them about debt or other essential aspects of personal finance that will likely shape the rest of their lives.
Unless you plan to live without a home or steady resources, you will inevitably interact regularly with money in almost every aspect of your life. It impacts everything. It influences food choices, careers choices, relationships, mental health, and even whether you have a roof over your head.
Students are taught a wide range of subjects in school, but personal finance is conspicuously absent from the curriculum. According to my research, this is despite the fact that 75% of young people recognize the importance of financial education. It's surprising that This has been met by those in power continuing to hold committees and inquiries into teaching personal finance in schools, but nothing seems to have come of it.
One significant obstacle is the limited resources available for teaching personal finance. In the UK, for instance, it took the initiative of private individual Martin Lewis, a financial expert, to provide textbooks for every state school. This was necessary because teachers lacked proper resources that weren't influenced by banks and others trying to promote their brand to impressionable young minds.
While businesses and organizations have made significant strides in educating young people about money, the responsibility for such fundamental knowledge should not and cannot rest solely with the private sector. We wouldn’t expect Pfizer to entirely fund biology resources, so why do we largely look to and rely on financial service enterprises to teach financial literacy?
In a world where school budgets are tighter than ever, and school inspections (at least in the UK) push teachers to their limits, subjects that don’t directly lead to exam results or positive inspection feedback are often not considered to be included in the curriculum or end up the first to be cut. Unfortunately, financial education is among these casualties.
But it shouldn’t be, should it?. Understanding personal finance can be life-changing. According to the Money and Mental Health Policy Institute, individuals in problem debt are three times more likely to consider suicide, and 86% believe that financial issues worsen their mental health.
On a less drastic level, every day people lose thousands of pounds to scammers, often due to gaps in their financial knowledge. Beyond criminal exploitation, financial service enterprises frequently offer poor deals themselves, taking advantage of our lack of financial education.
Some argue that parents should bear the responsibility of teaching their children about money, just as they teach them to ride a bike or walk. However, this argument is flawed. Who’s to say parents are equipped with the necessary financial knowledge? According to the Money and Pensions Service, 47% of adults lack confidence in making financial decisions. Passing down financial ineptitude between generations helps no one.
Of course, there are exceptions. While my parents were terrible with money, I’ve become somewhat of a financial expert, teaching others. However, these cases seem to be rare and this is where it becomes a concern.
For the most part, not educating young people about money perpetuates inequality. Children of financially savvy parents may be at an advantage, while those with less financially literate parents are often left to struggle.
But it doesn’t have to be this way. By requiring schools to provide every young person with a proper financial education, it would be a positive step toward creating a more equal playing field. Thus, I believe it is essential that we address this gap in the curriculum and provide students with the knowledge and skills they will need to manage their money effectively and take control of their financial futures!
Discover more about our featured Guest Blogger
To learn more about Gabriella, connect with her on LinkedIn or visit her website - MoneyandMore.uk 
Attention Young Leaders
We welcome and invite you to participate in Sammy's 'Be the Change' financial literacy initiative for college and high school students.
(1) Join peers advancing awareness on the importance of early age, youth, and family financial education by having your journey into financial literacy featured as a Sammy Rabbit Guest Blogger.
Arin Wani: Teen Leader Was Encouraged to Aim High!
Jacklin Wang: Becoming Financially Literate Since Age 9
Index of Student Blogs (Click and scroll down)
(2) Then volunteer as a Sammy Rabbit Ambassador or Intern championing financial literacy in your community and around the globe! Learn more in these blogs or by CONTACTING Team Sammy today! We welcome your questions and suggestions on Sammy Rabbit and his mission to get kids, families & communities financially literate.
