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Experts Make Financial Planning Child’s Play

We tend to think that most teenagers leave financial planning to their parents. However, the pressure to be financially savvy is a valuable life skill that is required as soon as a teenager leaves home - if not sooner. Bearing this in mind, Lloyd Davies of Central Investment Services, together with fellow financial adviser Laura Pike, are participating in the Personal Finance Society’s (PFS) campaign to encourage more young adults to think about their financial futures, as well as to promote the prospect of a career in financial planning.
 
Experts in financial planning and management Lloyd and Laura were two of the first group of PFS members in Aberdeen to be trained on delivering the ‘Discover Fortunes’ sessions.   Lloyd believes that financial planning will affect all pupils after they leave school and that this type of education is severely lacking in the curriculum today, leaving an important life skills gap.
 
The initiative has been well received by schools in Aberdeen City, Lloyd and Laura have run sessions at Hazlehead Academy, have dates booked to visit Lochside Academy and are in discussion with Portlethen Academy.   Lloyd, Laura and their peers also hope to visit other schools in the future.
 
These sessions are centred around a board game which provides pupils with a number of client-based scenarios, asking them to assess each client’s risk profile before putting prioritising their financial needs - protection, pension, savings and investment.
 
Whilst classroom teaching has taken Lloyd out of his comfort zone he has been impressed with the initiative and the response of the youngsters who have attended the sessions and had this to say: “Financial planning, or any career in finance, may never have occurred to many of the pupils we meet, it may seem either daunting or boring to school leavers which is why this investment in schools is so important. Contrary to popular opinion, our job is not all numbers. Communication and interpersonal skills are vital. The ability to listen and understand what a client wants is a fundamental to our sector, and it’s great to have the opportunity to get that across to the students we’re meeting.
 
“We have seen a really positive reaction from the pupils so far and they are really engaging with the sessions. I think the board game gives financial planning a softer edge and makes it more relevant – especially with the younger hypothetical clients they are given.
 
“The schools we have been working with have been great. They are really enthusiastic about what we are trying to achieve and feel it is as important as we do. We are also speaking to other schools and if the initiative is deemed a success, the PFS will look to continue rolling it out in the coming years and so far, it has been.”
“We have seen a really positive reaction from the pupils so far and they are really engaging with the sessions. I think the board game gives financial planning a softer edge and makes it more relevant – especially with the younger hypothetical clients they are given.
Central Investment Services (Scotland) Ltd is Authorised and Regulated by the Financial Conduct Authority. Registered in Scotland No SCO54118. Registered Address: 33 Albyn Place, Aberdeen AB10 1YL

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