Personal finances

Managing personal finances has become a priority for many governments in order to ensure financial security and sustainability of their citizens. It means achieving and maintaining a balance between personal income and expenditure to satisfy needs, wants and aspirations within a budget, sustainably. Youth in particular, has become a major target group as a result of specific issues pertaining to this section of society, ie. uncontrolled credit and debt, lack of money management & an increasing rate of unemployment. Today, it has become essential for global consumers to differentiate between a wide range of resources in order to best meet their needs and goals, as well as to manage their personal finances.

Young have been major targets of marketers and advertisers. This ‘children centric’ marketing has extended to a wide range of products including shoes, clothes, fast foods, technology, sports equipment, sweets, toys etc, leading to a case of overconsumption and overspending, thus resulting in cases of financial debt among youth in particular. This also adversely affects their families and the entire community at large as well. Financial education and managing personal finances (with particular intervention and focus on youth) therefore becomes essential in ensuring ‘responsible living’.