BUSINESS DAY SPOTLIGHT
PODCAST | Better-quality money conversations for the modern age
Business Day Spotlight speaks to Daryl Coker, advisory partner at Citadel
Dismantling a culture and mindset that finds it difficult to discuss finances is a complex task. How this can be done is the focus in this edition of Business Day Spotlight.
Host Mudiwa Gavaza is joined by Daryl Coker, advisory partner at Citadel, a specialist wealth management company providing a range of financial solutions.
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The firm, which has been around for 30 years, has observed that a family’s wealth rarely lasts more than three generations, because families don’t talk about money or inheritances. This backed up research from around the world.
Coker says some of this comes down to a modern society that is largely uncomfortable with talking openly about money and financial issues. The danger arising from such a status quo is that the skills to save, invest and generate wealth are often not passed on from one generation to the next.
“Instilling financial literacy from an early age is crucial. Generational money mindsets play a significant role in shaping how individuals perceive money and handle it.”
“Money management is a life skill, akin to learning to read, that can pave the way for a financially secure future. The only way to achieve this is to have conversations.”
Coker outlines ways in which financial literacy can be taught from early age; highlights some of the reasons why people find it hard to discuss money; the effect of having a financially illiterate generation, and money mistakes made by professionals in their careers.
• Business Day Spotlight is a TimesLIVE Production.
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