“There was a time when a fool and his money were soon parted, but now it happens to everybody.” - Adlai Stevenson
Money can’t buy you happiness, it’s true, but it does come in handy for a lot of things. Our relationship with money can be a very hard one to get right and it turns out that the Generation Y teenagers are having a very rocky start with money. It seems very strange that a generation of young people who, by all accounts are the richest and most technologically clever yet, would be struggling with money.
But struggling they are. In a 2003 survey, the New South Wales Office of Fair Trading found that young people in the age groups 15-17 and 18-24 and their parents all reported youth debt as a serious problem. It used to be that teenagers started out with nothing, and that was a hard experience. But now they’re starting out in the hole. In fact, this research found that the average debt for 16-18 year old was around $3,390!! And the main culprit? Mobile phones.
Mobile phones are very handy for a lot of situations. They play music, take pictures, have games. They’re a great way to keep in touch with friends. One of the best things about them is that they’re a safety net in case something goes wrong. They are great for a lot of things and most people, especially teenagers, should have one.
But the expense is a big problem, especially for young people, but also for people on pensions. So what is the solution? Information. Information is empowering. We can only make good decisions if we have good information.
People need the tools to manage mobile phones, credit cards and other forms of debt. That’s why Clearwater Centre for Health and Wellbeing is offering a low-cost workshop for young people and people on pensions so they can manage the real costs of mobile phones and debt. Called “Dough Woes – Beating Unnecessary Debt”, the workshop will be run on the 23 of October from 5-7:30pm. At a cost of $12, and it may just be the best money you spend, because the information you gain could save you heaps.
It might even save your relationship with money. And let’s face it, no matter what else changes, money will always be in your life. For more information, call Francesca on 4091 6300 or email sarah@clearwater.com.au
