Guest post by Steph King
School. A wonderful place where so many academic lessons are harnessed, from English language and literature to maths and science – it’s a place where every child can begin to flourish.
But what about the countless life lessons that aren’t taught in school? Young adults leave sixth form ready to embark on flying the nest to go to university with absolutely no idea of the real world. From budgeting, credit scores, savings, mortgages, and more – there’s a lot that falls on parents to teach their children.
In this article, we outline a few of the important adult life lessons they don’t teach you in school.
Savings
Arguably one of the first lessons best to harness early on as getting into the habit of saving from a young age can set up your entire future. If we teach teenagers the importance of saving before leaving school, by the time it comes to their early 20s they can already have a house deposit together and be ready to jump head-first onto the property ladder. This can set up lives for success by simply hammering home the significance that small monthly savings can have.
Car Insurance
Since the legal driving age in the UK is 17, it makes sense that this should be the first of all the lessons that teens should be made aware of. Car insurance is imperative, particularly for a new driver who has less experience on the road. Knowing what to do if you’re involved in an accident is crucial. Car insurance may be one thing, but what if the incident wasn’t your fault? Educating young adults on how to make an injury claim is equally important.
Budgeting
Budgeting is one of the first unknown expectancies that are thrust upon teenagers as they turn 18. With many leaving home to study at university, it’s their first experience of independent living – and that means being in charge of your finances. Students must work out a strict budget to stick to dependent on what financial support their student loans and grants offer them, which should include all living costs such as weekly food shopping, money for textbooks, and social spending.
Credit Scores
Credit scores and mortgages are two that go hand in hand – you ultimately need a high credit score to one day be able to get a mortgage when buying a house. There are helpful apps such as Experian that help you keep on track of your credit score, with handy suggestions of how you can boost it. Having an excellent credit score enables you to get the best rates on mortgages.
