Learn to use money with common sense
If you find yourself unable to manage your money these days, blame your parents.
A recent survey organised by the Hong Kong Council of Early Childhood Education & Services (CECES) discovered that most parents knew little about financial management.
Of 1,003 polled, 78 per cent believed they should be teaching children about money management, and 68 per cent said they had the most influence on their children in this area. But only 12 per cent had asked the children to account for their spending. .
Over 60 per cent saved less than 10 per cent of their income. About half had no education or retirement saving plans for their children or themselves.
'More young people are declaring bankruptcy these days,' said CECES director Sansan Ching.
Banks that issue credit cards freely have made it easier for young people to go bankrupt.
Here are some tips on managing your money better: Make a plan. Figure out how much money you need every day, try not to spend more than that. It is even better if you plan to save before budgeting.
Keep records of your spending. It helps you to trace where your money has gone.
Stop thinking of your parents as the source of money for everything.
