Money Matters & Financial Understanding
In my opinion, it is not just accountants that we should blame for challenges in managing money (and by the way, I am a Chartered Accountant myself!), we should also blame what we were taught, not taught, or had to learn about money from a young age.
We are treated to all sorts of subjects at school which are vastly less important than Financial Understanding, a subject title which I have just made up, and don’t think appears on any school curriculum. As a result, through an absence of understanding of money, many many people have a very odd relationship with it. They may fear it, they may hoard it, they may spend it like water, they may be penny wise and pound foolish, they may have wildly varied attitudes to risk.
Quite commonly, they will be in denial about it, not wanting to talk about it, brushing it aside. Any of these attitudes are clearly unhelpful, and contribute to the tragically high pile of business failures.
As 70% of all fears and worries are supposedly about money, it would be as well for governments to address this issue, and try to help relieve those worries, rather than leaving it to individuals to learn about it, as best they can, from parents who, in all probability, suffer from the same fears and thus pass them on.
Which leads me to money and your business…
If You Still Have Cash, You Are Still In Business