WE ALL love the idea of having a home of our own, but how far should we be prepared to go to achieve that dream?
It seems graduates are taking more drastic measures than ever before to get on the property ladder, but perhaps they would be more sensible to be patient.
New research this week from Scottish Widows Bank revealed that a massive 72 per cent of graduate first-time buyers bought with a partner, family member or friend. This is up from 69 per cent last year.
For some, this is obviously a good way to get their first property as they can share the burden of debt, but what happens if it all goes wrong?
Worryingly, more than two-thirds of those with a joint mortgage would be unable to buy the other people out if the relationship turns sour.
As Amanda Docherty, communications manager for Scottish Widows Bank, sensibly points out: "This is not an arrangement that people should rush into. Nobody wants to end up in a situation where they find it extremely difficult to share a home with someone they no longer get on with but can't afford to do anything about it. Graduates need to be fully aware of the size of the commitment involved in buying with someone else."
It's good fun - most of the time - to share a flat with friends while you're a student. But that's before you have the pressure of a responsible job and all the burdens that come with up.
It's less of a problem being kept awake by noisy flatmates or finding all your milk has gone when you're making your morning coffee if you don't have to be feeling alert in the office at 8am.
You also know that, when you're renting, if things go wrong you can just move out. But that flexibility vanishes when you have the commitment of a mortgage.
Perhaps realising that buying a place is a major, long-
term commitment, emotionally and financially, would be advisable. Would you not rather rent for a few years than end up in a spiral of debt?
And don't forget there is some help for people wanting to buy for the first time, such as the government's shared ownership scheme.
MORE personal finance education in schools might help people make better decisions about issues as when to buy a property.
A report out this week from the respected David Hume Institute, written by Peter Jones, a regular Scotsman columnist, calls for a "financial fitness programme" for young Scots.
This publication marks the culmination of a collaboration between the institute and the Stewart Ivory Foundation
, looking at whether Scotland has lost the lead when it comes to financial education.
The informative report looks at how Scotland can fight "financial flabbiness" to move towards "financial fitness".
One of its key recommendations is for financial education to be part of a core secondary curriculum subject called Everyday Mathematics. This would combine all the subject matter of the now-abolished arithmetic qualification and be "unashamedly" vocational in nature.
I think this is an excellent idea. Having gone through school when arithmetic was still taught, the skills I've learned have proved invaluable - although that might not be clear from a look at my bank account.
THIS week the stock market turbulence continued, with shares see-sawing on a daily, if not hourly, basis.
It's understandable that people will be nervous about investing, but during these jittery times, we shouldn't abandon saving.
As I've said before in this column, a balanced portfolio is the key to minimising the risk. And don't forget old-fashioned building society accounts - they can be a good safe haven for some of your money.
