This article was published in ILFM Magazine

It’s a saying I’m sure we’ve all used, but we don’t live life in hindsight, or else we’d all be winning! That said, we can still help the next generation with our learnings and expericences. Hence, I’m keen to equip young people with the basic knowledge and skills to manage their finances.

At Kale Accountancy Ltd, we’ve set up a programme called The Joseph Plan™ to work with primary schools and youth organisations on managing personal finance and planning for the future.

Helping young people manage their money

These days, people are accessing social media from a young age. And while social media is excellent for keeping us connected, it also bombards us with misleading messages, especially on how to create wealth, what your first job should be like and how to live your life.

As the saying goes, ‘Comparison is the thief of joy.‘ Still, blurred lines between fact and fiction on social media can lead young people to question why their lives aren’t as picture-perfect as those they follow and put pressure on themselves to achieve the unrealistic.

The Joseph Plan™ aims to assist young children by saying, ‘Yes, it’s fine to have all these nice things to live your best life, but we all must start somewhere.’ And what better way to start than with the knowledge of what it takes to be financially stable and independent?

We aim to ensure young people know how to manage money in everyday life and what that looks like with practical examples and activities for them to participate in. So, for example, say I got my first pay cheque of £1000. As a group, we look at the best way to manage that money instead of blowing it on a pair of expensive trainers or a games console!

I only wish I had listened to my parents when I was younger about money management, but how many of you, when you took your first job, started thinking about a pension or saving up for anything in the future? I’m sure for many of us, it wasn’t on our radar.

So, wouldn’t it be great to show the rewards of planning and saving from such a young age? What that will allow them to do when they get older, such as being debt-free or partially debt-free of any university costs and having money set aside to go on a holiday once they graduate. Or perhaps having some money saved to put towards their first home. Teaching young people, the habit of saving (even if it’s only small amounts) can make such a positive impact on their lives both now and in the future.

Working with young entrepreneurs

Of course, not everyone will want to go to college or university, so the programme also looks at what’s involved in starting your own business. We firmly believe entrepreneurship is something that starts at a young age. So why not teach it in schools, not just in higher education? We’re keen to use our programme to support those with dreams of running their own business and show them it is possible.

Saving for the future

Unfortunately, we can’t ignore the fact that we are currently in a recession, and the cost of living crisis and rate of inflation is on everyone’s mind. But just having the discipline to put even a little something away, whether for a specific goal in mind or a rainy day, is better than having nothing at all.

There’s a saying that goes, “If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime”.

It’s my goal and aspiration to show our young people and children the importance of planning and saving for their future. With this discipline, you’d be amazed at what they can achieve and pass on to their own children when that time comes around.

So, my challenge for you, my fellow entrepreneurs and law firm managers, is to find your way to help future generations too.

This could be a donation to a local school, a children’s ward in a hospital or even, like us, you may want to be more hands-on and go into schools helping parents that may need a coach, mentor, or some expert advice on how best to manage their finances during this cost-of-living crisis. Small acts can have the biggest impact, so give it a go and see what a difference you can make!