Brokers teach kids to manage their money

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Just Mortgages sends its independent brokers to schools and colleges across the country to teach kids how to manage their finances.

The Essex-based brokerage will offer a number of sessions, starting with topics such as what bank accounts are available, how to avoid overdraft fees, how to create credit, organize invoices and financial planning, as well as understand types of loans and the importance of savings.

Brokers will then diversify to explain the concepts of mortgage, rent and protection, before offering “tailor-made advice” adapted to each child at the end of each session.

Carl Parker, national director of the self-employed division of Just Mortgages, will lead the national campaign.

Parker’s division, which recently appointed a managing director for the first time, has just under 400 brokers, launched in 2016.

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

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

Parker so far said the events had elicited “a really positive response”, with parents reaching out to the company’s brokers to express their appreciation.

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

Scarlett McKenzie, Training Manager at Just Mortgages, designed the sessions.

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

McKenzie continued, “While the training may not help children pass exams, [it] we hope will prepare them for a stable financial future.

“Many young people may not be aware of the implications of their credit rating on their chances of owning a property in the future. These sessions are therefore essential to help educate the next generation. “

Just employs over 560 mortgage advisors who work either as employees or as freelancers. The employed minority is either based in Spicerhaart real estate agencies or at home.

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

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