Empowering the younger generation to manage their money intelligently needs to be a national priority, according to IFA Continuum.
The firm said young people are facing an ever-present temptation to spend with the instant gratification seen every day on their social media.
And that never before in history have young people witnessed their contemporaries earning so much money.
Continuum said young people are economically liberated, engaged and have the cultural and creative skills to create their own wealth right now, and they are doing it.
However, very few young people are receiving basic education in managing finances.
Richard Watkins, Chartered Financial Planner at Continuum, said: “Good money habits are not easy to get into and, in the digital age, the younger generation can quickly get themselves into situations that can have a very damaging impact on their future plans.
“To temper the desire to flash the cash, what young people need is guidance from trusted advisers who are more nuanced and experienced. They need people who can assist them in making informed decisions about money and help avoid getting into bad habits, not to mention the industrial level of scamming present online today.
“Be open and supportive, lean into their skills, and accept you may not know it all, and you might be able to build a stable, comfortable future for them together.”
