Top finance tips for teens

A teenagers’ guide to beating the recession, with help and advice from leading financial experts

Finance tips from the past…
On the subject of bringing up children, Lord Burghley had these words for his son, Robert Cecil:
“Give them convenient maintenance according to thy ability; otherwise thy life will seem their bondage and what portion thou shalt leave them at thy death, they will thank death for it and not thee”. In other words, give a little today, rather than a lot later. Winston Churchill had the perfect response. “Saving is a fine thing. Especially when your parents have done it for you!”
Malcolm Roberts, managing director Rothschild Private Management

Cash is king
“The golden rule is cash is king. Eighty per cent of the businesses that go bust in Britain are making a profi t when they do, but they run out of cash. Cut costs harder than you feel comfortable with. It’s surprising what you can live without.”
Steve Norris, former Tory minister, London mayoral contender and a politician who successfully made the transition from politics to business

Relief from the recession
“Teenagers, talk to your parents and ask them how the recession is affecting them so that you don’t place further strain on them without realising it.”
Michael Wade,
Chairman of Optex Group in the City, financial advisor to David Cameron and George Osborne, and one of the few people who predicted the credit crunch