Teaching kids about caveat emptor

Representatives from the department visited TAFE, the Scots School and Kelso High School yesterday talking to teenagers and arming them with knowledge on how to spot a scam and general advice on avoiding the debt trap.

Acting regional manager with the Department of Fair Trading Robert Hoiles, said the Money Stuff sessions, which is now in its ninth year, teachers students about their consumer rights including managing their finances.

Mr Hoiles said the purpose of the sessions is to teach students everyday life skills and what to do if they should get into financial trouble.

One topic of discussion was mobile phones, which Mr Hoiles said can lead many a teenager into financial strife.

“We talk to them about tricks of the trade, what to avoid and to read contracts carefully before they sign.

“What a lot of teenagers don’t realise is when they sign a contract it’s a legal document. They think if they don’t like it they can just get out of it,” he said.

Mr Hoiles said another trap for young people were ring tones and footy messages, which can end up costing them a small fortune.

“They can get into financial trouble.”

The Department of Fair Trading also advised students that if they should ever get into financial trouble to contact the company and negotiate a repayment plan they can handle.

Other topics discussed were the Department of Fair trading’s Revved Up program, teaching skills for students purchasing cars for the first time.

“We explain the difference between purchasing from a dealer or purchasing privately, when warranties apply, plus other costs involved in maintaining a car such as insurance, registration and general upkeep,” he said.

“What we aim to do is help the students make good, informed decisions.”

Students at the workshops also received a free copy of the Department of Fair Trading’s publication Money Stuff, offering sound budgeting advice for young people.