Giving young people the tools to be smart about money

For several decades, indebtedness was on the rise for all age groups in Norway. That changed with the arrival of the pandemic. Over the past two years most of us have spent less, and debt collection cases have plummeted. For everyone but young people, that is.

Global Money Week, an OECD-led awareness campaign which spotlights the economic choices of young people, took place last week. The aim of Global Money Week is to inspire younger generations to claim economic independence and strike a financial balance. This year’s theme is “Build your future, be smart about money.”

While making economically sound choices is of utmost importance, our data suggests that the younger generation to a greater extent struggles to make such choices. This has got us in Kredinor thinking, “what can we do to make a difference?”

We believe more must be done to give young people a head start. Our schools do far too little teaching about personal finances, while many families also forego financial conversations.

The younger generation lack role models who teach them the values who comes from moderation and a balanced budget.

There are few role models around who teach our young the values of moderation and a balanced budget. While many parents of today may have long enjoyed the funds to pay their bills, their children often lack that same level of financial freedom. At the same time, side jobs have been slashed during the pandemic, a development that robs young people of funds many dearly need.

Young people must be provided with paths to "build their future and be smart about money".

We must all do our part to give young people the tools to thrive. That is why Kredinor is part of a Finance Norway-led network providing courses for schools, skolemeny.no. Our learning concept, Smartbetaler.no, offers High school students an introduction to personal finances. This is just a start.

Personal finances should be on the curriculum for young students today.

Because young people must be provided with paths to “build their future and be smart about money,” we believe personal finances should be on the curriculum. Learning about personal finances early on builds a vital fundament for adult life.

Klaus-Anders Nysteen

Administrerende direktør, CEO