Money Management In Today's Society

Length: 4 Pages 1100 Words

Money Management in Today’s Society Many people, young and old alike have no clue what money management is. They are lacking in the knowledge desperately needed in today’s age on this subject. What are the reasons for not knowing this important information? Some could blame it on either the parents or the school systems. Yes, it could be the school systems not teaching basic money management skills in a fundamental class like math, but maybe the school systems don’t have the funding for the programs. Yes, maybe the parents did have some influence on not teaching their children about money management, but it could have been that the parents themselves do not know the skills. No matter who is to blame, this has become a severe problem in our country today, which affects everyone. One of the main reasons for debt in this country is lack of or poor money management skills; some of these are: balancing a checkbook, maintaining a good credit score, or managing credit. In today’s society a person almost cannot get by without having a checking account, even if it is just to cash a weekly paycheck. Banks and their services have become a part of everyday life. With a checking account comes the responsibility of being able to b Continue...

Credit is an extension of a loan on any type of goods. The only solution for this problem is for us as a nation to become more aware of how to manage money. For example, the person that rear-ended you may not have been paying attention because of money woes. 00 check, the bank in turn charges a non-sufficient funds fee of 25. It can happen to people on all levels of income. In fact, 80 on average of an American's pay goes to some form of debt (Richards page 1). Lack of money management proficiency can affect productivity levels at work; in a survey conducted employees stressed about finances spent 13 of their workday handling their personal money issues on the time clock (Atkinson NA). Today the penalties for writing a bad check are not just the bank fees, most merchants charge a returned check charge on average of 20 and depending on the state laws, a person could be charged with fraud and have to go to court. We mostly think of credit as charge or credit cards, mortgages, and car loans. Although it can sometimes seem overwhelming, learning money management skills can save a person a lot of trouble throughout their life. Managing a person's credit well not only means maintaining a good credit score, but also not having too much or too little credit. Then it becomes a problem for all people. 00 and that doesn't include court costs if applicable. Now they have even more problems and you have been pushed into those problems due to being in the wrong place at the wrong time.