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Brokers teach kids how to manage money

Brokers teach kids how to manage money

Just Mortgages is sending its self-employed brokers to schools and colleges across the country to teach kids how to manage their finances.

The Essex-based brokerage will deliver a number of sessions, starting with topics such as which bank accounts are available to them, how to avoid overdraft charges, how to build credit, organising bills and financial planning, as well as understanding types of loans and the importance of saving.

Brokers will then branch out to explain the concepts of a mortgage, rent and protection, before offering “bespoke advice” customised to each child at the end of each session.

Carl Parker, national director of Just Mortgages’ self-employed division, will head up the nationwide campaign. 

Parker’s division, which recently appointed a managing director for the first time, is home to just under 400 brokers, having launched back in 2016.

“Our aim with this series of sessions across the UK is to educate young people on the importance of managing their finances,” said Parker.

“The hope is that by arming young people with monetary knowledge, this can then evolve into positive habits that will stay with them in adulthood.”

So far, Parker said the events have rallied “a really positive response”, with parents approaching the firm’s brokers with their appreciation. 

He added: “Many have explained they never had any financial advice growing up, and as such an important part of life, appreciated that their children were being taught the basics.”

Scarlett McKenzie, Just Mortgages’ training manager, has designed the sessions.

She said the idea behind them was to “bridge the gap” of “little to no financial advice given in schools”.

McKenzie continued: “While the training may not help the children pass any exams, [it] will hopefully set them up for a stable financial future.

“Many young people may not be aware of the implications their credit score has for their chances of owning property in the future, so these sessions are critical to help educate the next generation.”

Just employs more than 560 mortgage advisers which work on either an employed or self-employed basis. The employed minority are either based in Spicerhaart estate agents or at home.

But the broker has already announced plans to double its overall headcount to 1,000 by 2023/24.

ruby.hinchliffe@ft.com