A stronger focus on financial literacy in schools is crucial for helping young professionals manage debt, budget effectively, and avoid ‘get-rich-quick’ schemes, argues Jonny Hurst.
I qualified as a solicitor in a mid-size firm in 1991, and within a few years I was earning over three times my trainee starting salary, which comfortably exceeded the combined income of my working parents. I was working in London in a role I had dreamed of for years, I was being well paid after living close to the breadline for my entire adult life and I had no commitments – other than those I owed to my firm and my clients.
So, come pay-day, my personal finances were given as much priority as a good night’s sleep. Thirty years on, has anything really changed for junior lawyers? Or are they just as ill-prepared as I was to make the transition from a student budget to a healthy salary?
With the ...