Of all the challenges in promoting a culture of Financial Literacy, I think the biggest

is in making the mental paradigm shift from that of spending to saving. Once you see

the importance of saving for the future, your life will change. For some it’s easy,

while others may never see it until they’re living in subsidized housing completely

dependent on the government for everything they consume, including all of their

health needs. Making that switch involves looking at the future and seeing your

place in it. What’s my place in it? How can I make it better? How can I prepare for it.

One of the challenges of youth is the inability to look into the future which seems

like a million miles away. Hence the number of teens addicted to tobacco; that drink

and drive, or drive while texting. In youth there is a feeling of immortality. Cancer,

fatal car accidents, it happens to others but it won’t happen to me. I certainly lived

by that creed and imagine most everyone does at that age.

Looking into the future is something that usually takes place in one’s thirties or

forties, by which time your chance to massively effect it is already compromised. If

we could get teens to think about their financial futures, by holding out the carrot of

being able to afford all the things they want – nice homes, cars, TVs etc. then they

are much more easily convinced of the folly of smoking or texting.