Source: Scotsman.com
A NEW generation is champing at the bit to finish their studies and join the world of work, but when it comes to money they are like lambs to the slaughter. Financial independence is full of risks and rewards, but as you can’t put an old head on young shoulders we spoke to recent graduates at Scottish Gas, Royal Bank of Scotland, Press Data Ltd, Scottish Widows Investment Partnership, KPMG, and The Audience Business and compiled a list of things they wish someone had told them. This list includes;

• I wish I had known exactly how much tax and national insurance would eat into my salary.
• I wish I had been told that my take-home pay would shrink come April.
• I wish I had been warned about the full implications of student loans.
• I wish I had known my overdraft would disappear at graduation.
• I wish I had known that my current account was not the best place for extra cash.
• I wish I had known that banks have different exchange rates for the same currency.
• I wish I had known that credit cards charge different interest rates depending on how you use them.
• I wish I had realised that my credit card company did not use my monthly repayment to pay off the most expensive debt first.
• I wish I had understood the consequences of only making the minimum repayment on my credit card each month.
• I wish I had known how much running a home actually costs.
• I wish I had known how complicated mortgages can be.
• I wish I had known the importance of budgeting.
• I wish I had been told to start my pension as soon as possible.
• I wish I had known that I would be throwing away free money by not joining the pension scheme.
• I wish I had known that asking for advice can be hugely useful.
• I wish I had known where to get impartial financial advice.