No longer updating

It's a shame, but I'm no longer updating this website. Busy setting up new ventures.

I'll leave it up for anyone who's interested.

Thanks to all regular readers, and all the best for the future.

Cheers, PJ

Youth money thoughts

Anyone can learn about money.

Anyone can help anyone else learn.

Making mistakes doesn't mean you're hopeless.

Managing money is a lot about relationships & understanding other people.

Good financial education is not about turning people into more savvy consumers.

Good financial education starts with young people's interests and builds on their strengths.

Providing incentives

It used to be thought that appreciating the advantages of an action would lead to a change in behaviour. In a rational world, once you’d understood the benefits, your behaviour would logically adapt. Not so. In real life, we act on seemingly irrational and inconsistent impulses. We are affected by things in our environment that we may not even be aware of.

This supports commonsense, and the often-experienced reality that nagging a young person to change doesn’t work. Incentives, however, may well  be much more effective. A deal such as, “If you set up a savings account and transfer a regular amount to it, I’ll give you a pound every Friday” is simple. It might work better than any amount of arguments and logical persuasion.