youthmoney

Just skimming an analysis and discussion paper on the aspirations of young people in deprived communities. It’s a good and interesting piece of work, produced last month, by…deep breath…the Social Exclusion Taskforce, the Department of Communities and Local Government and the Department for Children, Schools and Families.

It points out that 11 to 14 is the age range when most young people move from idealistic to more realistic ambitions. A key finding is that:

Young people are more likely to achieve positive outcomes when they develop ambitious, achievable aspirations, combined with the self-esteem, self-efficacy, information and inspiration they need to persevere towards their goals.

Can’t argue with that. But I still sense that the role of money and proper, broad, financial education is massively understated. In deprived communities, role models are few. There’s not much inspiration. Kids don’t have the information or self-belief to set goals in the form of achievable, and legal, ways of earning sufficient for their realistic aspirations.

I wish there were more initiatives explicitly focusing on this. Young people need practical financial awareness and help in exploring realistic visions of their future earnings and spending. In the paper, the main references to the ways money can help are tax credits and EMA. Not knocking them. But they’re not enough.

Aspiration and attainment amongst young people in deprived communities