This is honestly the most important thing - understanding and having knowledge of what things mean.
When we are children we get taught about nutrients, what bad food is, what’ll do to you and the importance of exercise. We even get taught about portions!! Whether someone follows the lessons taught is another thing but you are equipped with the knowledge.
Finance on the other hand? You’re not even taught to open a bank account or what that even actually means! Every step of your development, every milestone you progress through, you are never taught a thing about money, savings finances in general.
0-12 Years Old
Unfortunately here you are at the mercy of your parents, if they don’t impart their financial knowledge upon you, you start off a few paces behind those who are. Your parents may have a bank account set up for you, but that’s chosen for you, but admittedly at this point you aren’t too bothered by the % rates and other bells and whistles a bank account has.
This may be a time were you start doing odd jobs, getting pocket money or your first paper round or some other such ‘employment’.
This is when it is crucial you understand how money works and what you can do with money. That doesn’t mean you don’t spend it, you’re 14/15 you’re gunna spend it, but by understanding what can be done is such a luxury
This is when you are likely to have a part-time job and maybe put a little away. But up until now you’ve had no formal education on how to be financially healthy, you’re unlikely to have paid a bill, paid tax etc. This causes the most problems for the next milestone.
This is when you’re likely at university or paving your way in the “adult world” having to pay bills, rent, tax, but also obtaining things like overdrafts, credit-cards, student loans. This is when you need to have the knowledge about ISAs, savings, Bonds, Investments etc etc the list goes on. But typically you’d only have this knowledge if you went out a looked for it. If you hadn’t and you try and get by, you can make some mistakes which can lead you into some pretty bad situations.
TLDR; we are taught how to look after our bodies at a young age and it is then our decision whether we follow that. We aren’t taught to be financially healthy and are just “expected” to work it out along the way