When looking at inheritances its said that 70% of it is lost by the 2nd generation and 90% by the 3rd (Source : Time). Whilst these people obviously came from families where someone was financially savvy enough to earn a lot of money the recipients of the money maybe didn’t feel that they needed to think about it themselves, as a result the fortunes they have inherited were lost.
The same can be said of many lottery winners. This article (Source: Fortune) states that a third of American lottery winners end up declaring bankruptcy. These people assumed that having a lot of money meant they were set for life and didn’t’ need to look after it. Turns out they were wrong.
Finances affect so much of our lives whether it be calculating which supermarket offer is best to save 10p or arranging your finances to increase your credit score to save £10,000 in mortgage interest. Spending time studying the topic is very likely to help everyone in life at some point.