Christopher
Johnson: Welcome
to
Morningstar.
My
name
is
Christopher
Johnson.
Today
I’m
joined
by
Olamide
Majekodunmi,
Personal
Finance
Expert
and
the
founder
of
All
Things
Money.
Olamide,
thank
you
so
much
for
being
here
with
me.
Olamide
Majekodunmi: Thank
you
so
much
for
having
me.
CJ: My
first
question
to
you
is,
what
are
the
questions
that
you
hear
from
young
people
about
personal
finance?
OM: Good
question.
So,
I
think
a
lot
of
questions
that
I
get
now
about
investing,
I
think
that’s
the
most
popular
topic,
because
I
think
investing
has
become
such
a
popular
topic
now
on
social
media.
Everyone
kind
of
wants
to
know
how
they
can
take
part
or
how
can
they
do
it
safely
because
I
think
there’s
so
much
going
on
in
social
media
now
that
people
–
yeah,
I
think
investing
is
on
the
tip
of
people’s
tongues
a
lot.
CJ: What
would
you
say
maybe
are
the
dark
sides
to
young
people
only
getting
access
to
financial
knowledge
from
social
media,
for
instance?
OM: Yeah,
I
think
it’s
hard
because
whilst
there’s
so
many
reputable
content
creators
out
there
sharing
good
knowledge,
there’s
also
people
that
might
not
be
as
truthful
and
honest
as
what
other
people
are.
So,
I
think
there’s
a
lot
of
misinformation
being
spread
on
social
media
across
loads
of
different
platforms
as
I’m
sure
you’re
aware
of,
but
I
think
that’s
probably
the
most
worrying,
because
where
loads
of
young
people
now
get
their
information
from
social
media,
you
need
to
make
sure
the
people
who
are
getting
it
from
are
truthful
and
honest.
It’s
a
shame
across
the
U.K.
that
there’s
such
a
huge
lack
of
financial
education
and
I
think
it
would
be
great
to
see
personal
finance
education
being
taught
in
schools
as
well
because
I’ve
said
a
lot
of
young
people
are
now
looking
to
social
media,
I
think
it’s
really
important
that
we’re
able
to
support
them
outside
of
those
platforms
as
well
so
they
know
that
they
can
navigate
adulthood
successfully
and
confidently.
CJ: But
why
do
you
think
in
the
U.K.
we’ve
neglected
this
topic
if
it’s
of
such
importance?
OM: I
wish
I
knew
the
answer,
but
I
do
understand
that
teachers
are
under
massive
constraints.
If
the
teachers
weren’t
taught
personal
finance,
how
can
they
then
teach
young
students
how
to
manage
their
finances?
I
think
we’re
in
this
ever-growing
cycle,
but
it
needs
to
be
broken
one
way
or
another
and
I
think
that
starts
with
implementing
personal
finance
education
from
primary
school
age,
because
apparently,
that’s
where
young
people
start
establishing
money
habits
and
apparently,
they
form
from
as
young
as
seven.
CJ: Wow,
as
young
as
seven-years-old.
OM: Yeah.
CJ: And
that
can
then
impact
somebody’s
whole
life.
OM: Yeah,
exactly
that.
CJ: And
it’s
really
interesting
you
mentioned
that
a
lot
of
young
people
are
wanting
to
learn
more
about
investing.
Have
you
seen
this
shift
since
the
pandemic?
When
did
it
begin?
OM: Yeah,
I
think
since
the
pandemic,
especially
with
the
cost
of
living
crisis,
I
think
loads
of
people
are
looking
at
ways
to
try
and
make
more
money
or
at
least
diversify
their
streams
of
income
and
I
think
investing
is
probably
a
very
popular
way
of
doing
so.
So,
I
think
loads
of
people
want
to
know
how
to
kind
of
make
extra
streams
of
money,
so
I
think
that’s
why
people
want
to
learn
more
about
investing.
CJ: What
tips
do
you
give
to
young
people
in
a
cost
of
living
crisis
to
be
able
to
ensure
that
they
are
earning
more
money
so
that
they
don’t
feel
so
uncomfortable
with
everything
going
on
at
the
moment?
OM: One
of
my
biggest
ones
is
budgeting.
I
think
all
young
people
need
to
start
with
a
budget
because
I
work
with
so
many
young
people
that
tell
me
they
want
to
save,
they
want
to
invest,
they
want
to
buy
a
house,
but
I’m
like,
okay,
where
are
you
at
financially,
and
people
don’t
even
know
that
question.
They
don’t
know
the
answer
to
that
question.
So,
I
think
it’s
really
important
that
they
start
with
a
budget.
Once
they’ve
established
a
budget,
they
then
know
how
much
they
can
afford
to
then
save
or
invest.
So,
I
think
that
is
one
of
my
biggest
tips.
And
then
also
to
build
the
emergency
fund
if
they
have
the
disposable
income
to
do
so.
And
I
guess
lastly
also
finding
ways
or
multiple
ways
of
diversifying
your
income
streams
as
well
I
think
that’s
really
important.
So,
yeah,
those
are
my
top
three
tips.
CJ: As
somebody
who
needs
to
become
more
frugal
this
year
is
one
of
my
newest
resolutions,
in
regards
to
budgeting,
what
do
you
think
are
the
best
ways
for
somebody
like
myself
to
do
so?
OM: Good
question.
I
think
the
number
one
tip
when
it
comes
to
creating
a
budget
is
to
actually
just
work
out
what’s
coming
in
and
what’s
leaving.
I
think
a
lot
of
people
again
over-complicated
what
a
budget
is.
So,
yeah,
work
out
your
incomings,
your
outgoings
and
after
that
you
want
to
establish,
okay,
how
much
can
I
then
afford
to
live
off,
so
by
doing
that
you
want
to
deduct
your
expenses
from
your
income
and
that
should
hopefully
leave
you
with
some
money
to
then
spend,
save
or
invest.
Personally,
I
work
out
a
weekly
budget
so
I
know
how
much
I
can
spend
on
a
weekly
basis
and
that’s
what
I
recommend
loads
of
young
people
do
as
well.
CJ: As
an
advocate
for
young
people
in
personal
finance
what
do
you
think
we
need
to
do
to
try
to
build
more
trust
and
to
engage
with
a
younger
investor
in
particular
because
one
could
argue
that
they
are
a
bit
more
suspicious
or
a
bit
more
distressing
of
institutions.
OM: Yeah,
good
point.
I
think
what
I’ve
learned
since
starting
All
Things
Money
I
think
it’s
just
really
important
that
any
information
that’s
shared
whether
that’s
by
Morningstar
or
other
institutions
is
relatable,
digestible
and
there’s
just
no
jargon.
I
think
it
automatically
excludes
or
isolates
people
the
minute
you
start
using
really
technical
words
especially
when
it
comes
to
investing.
So,
I
think
there’s
so
many
words
around
that
topic
anyway,
so
I
think
it’s
really
important
–
if
you
want
to
engage
young
people
well,
I
think
it’s
really
important
to
look
at
the
language
being
used
and
that
it’s
being
shared
by
people
that
are
relatable
as
well.
CJ: Olamide,
thank
you
so
much
for
being
here.
It’s
Christopher
Johnson
from
Morningstar
UK.
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