I am regularly asked: "Why don’t we know how to manage money?"
It is a difficult question to answer succinctly. We could blame the lack of financial literacy classes in schools. People say it is because they are not good with numbers or they hated maths in school. Others tell me how their partners are better at it and they find it boring or confusing, so they are happy to hand that responsibility over to someone else.
There is a sense of “there is no point in even trying” about these statements. Psychologists might label that a victim mentality. However, I feel that it is closely linked to a lack of financial self-confidence and experience.
In reality, being good with money has little to do with being good at maths. True, it would be helpful if schools taught this essential life skill but we need to also consider our parents’ influence, the media we consume and the influence of our extended family and friends. The list goes on and on.
Where did you learn to cook, eat a balanced diet, have a healthy disagreement, know what a healthy self-image looks like and set boundaries?
I doubt many would answer school. Having a healthy relationship with money and knowing how to manage money are also essential life skills we need to learn somehow.
So, where do we learn? As parents, we know our babies need to fall many times before they can walk. They learn by trying, failing and trying again until they build up the strength in their legs and have the confidence to walk by themselves.
Why don't we apply this approach to all life skills our children need to live confident, successful and healthy lives?
Having a healthy relationship with money and knowing how to manage money are also essential life skills we need to learn somehow
Carol Glynn
I have friends who, in their 20s or sometimes into their 30s, had never washed their own clothes. They take the huge laundry bag home at the weekend and their clothes are magically washed and crisply ironed.
When I first went to college, I was surprised by how many of my flatmates had no idea how to arrange utilities, pay bills, open a bank account or cook. Every new life challenge resulted in a call to their parents to, at best, provide guidance or, more likely, do it for them.
To my amazement, and occasional envy, that often included sending more money as my flatmates had already spent their allowance because they had never learnt how to budget or use limited resources wisely.
But what happens when that loving person at the end of the phone, who sends endless amounts of money and washes clothes, is no longer around?
It is certainly not limited to a parent-child dynamic. When well-meaning parents and partners apply the “don’t worry, I will take care of it” approach to finances, it can have disastrous results when their child starts earning money or their partner is suddenly alone and has to manage their money themselves.
It can feel quite similar to being thrown into a bottomless pool, often with an emotional weight attached to your leg.
For some, it is a divorce; for others, a sudden death. In both scenarios, they find themselves in the midst of grief, shock and, sometimes, depression.
To be told they also have to suddenly figure out the finances can make a horrific situation even more stressful.
People who found managing money too stressful or overwhelming to tackle previously are forced to face their fears while also grieving. It can have major long-term effects on that person’s financial and mental well-being.
By taking on all financial responsibilities in your relationship, be it with your child or partner, you may feel you are contributing to that person’s happiness, reducing their stress or helping them have more money in the long run.
But are you, in reality, depriving them of the experience and confidence derived from falling down and picking themselves up again so they can learn to run?
Are you inadvertently helping them to stay sitting on the ground, relieved in the short term but actually feeling dependent, lacking confidence and full of shame when they see others running around having fun while they are immobile and dependent?
Think about this – are you enabling your child or partner to be financially confident, self-sufficient and happy, or are you, unconsciously and unintentionally, contributing to depriving them of a crucial life skill – their ability to be financially self-sufficient and wealthy?
In the case of your children, are you driving them headfirst into a lifetime of financial difficulties, dependence and stress?
To avoid this, perhaps now is the time to let them take financial control.
Carol Glynn is the founder of Conscious Finance Coaching
Australia (15-1): Israel Folau; Dane Haylett-Petty, Reece Hodge, Kurtley Beale, Marika Koroibete; Bernard Foley, Will Genia; David Pocock, Michael Hooper (capt), Lukhan Tui; Adam Coleman, Izack Rodda; Sekope Kepu, Tatafu Polota-Nau, Tom Robertson.
Replacements: Tolu Latu, Allan Alaalatoa, Taniela Tupou, Rob Simmons, Pete Samu, Nick Phipps, Matt Toomua, Jack Maddocks.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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COMPANY%20PROFILE
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ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
Brief scores:
Toss: Australia, chose to bat
Australia: 272-9 (50 ov)
Khawaja 100, Handscomb 52; Bhuvneshwar 3-48
India: 237 (50 ov)
Rohit 56, Bhuvneshwar 46; Zampa 3-46
Player of the Match: Usman Khawaja (Australia)
Player of the Series: Usman Khawaja (Australia)
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
pakistan Test squad
Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
More on Quran memorisation:
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
MATCH INFO
Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
