Many of us enter early adulthood thinking we are supposed to understand money. How to budget, pay taxes, manage student loans and plan ahead. In reality, many young people do not.
At the age of 19, I made my first big financial decision. I decided to go to university abroad and applied for a student loan. The terms and conditions were explained to me and everything was written clearly on paper. Still, I did not fully understand what I was committing to. I did not know how interest would affect the total loan over time, or how repayment would shape my future finances. I felt I should understand it, so I did not ask as many questions as I should have.
The lack of open conversations around money exacerbates young people’s difficulties in asking questions and obtaining the knowledge needed for smart financial decisions. But this can change when someone speaks up. A friend says they do not understand taxes. A colleague asks about pensions. A student asks for help with loans. In those moments, we realise these questions are common. Talking about them makes it easier to find answers and build confidence.
Asking questions is not a weakness. It is the starting point for building financial strength, confidence and the ability to make informed decisions about our future. This year’s Global Money Week theme, “Smart Money Talks,” highlights that financial literacy is not only about knowledge. It is also about open conversations.
If you are unsure about something related to money, ask. If you have learnt something useful, share it. If you see someone struggling, start the conversation. That is how financial confidence grows.
