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from: Personal Loans and the Youth Brigade
Ajeet Khurana
Personal finance is big business nowadays. People from every
class and background are now able to secure one kind of loan or
another. Moreover, it is not just the older members of society
who can avail of loans these days. Nowadays, the younger group
of people also has the option. Thus, rising numbers of teenaged
people and young adults are resorting to loans for a number of
financial reasons. The ease with which loans can be acquired has
led to many young adults becoming indebted even before they
manage to stabilize their income. This certainly is becoming a
cause for concern.
The problem is that young people rarely have enough financial
education to ensure that they are knowledgeable about various
issues with regard to their money. Not enough financial
education is given to young people who might be looking for loan
packages. Thus, they have difficulty in repaying the loan as
well as settle down to a new lifestyle once they start working.
Car loans, education loans, and other sundry debts that young
people bear the burden of can result in them trying hard to
support their expenses. The debts that they took on to fund
their college fees become major debts that find them struggling
to make ends meet later on.
Making investments later on tends to become rather problematic.
One may question whether there is a need to saddle young people
with debt burdens before they start working. But this is the way
the world is progressing. And it does not help that college
education is not all that cheap. Of course, student loans aside,
young people end up running up rather large credit card debts as
well. This also adds up to the degree of indebtedness of the
person later on.
The point is not to keep young people away from personal loans.
Rather, institutions must place more stress on educating them to
put their money to much better use. Financial education is the
only solution to creating individuals that shall be able to
invest their money wisely. This would lead to greater
investments by young people. If the investments are sound, the
returns from them may eventually accrue to a sufficient amount
to help them repay much of the burden of debt.
We commonly associate young people with financial
irresponsibility. However, it is unfair to saddle only young
adults with being financially naïve at all times. Instead, there
should be some attempt to help the younger generations become
more aware of how best to use their money.
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