- Friday, 23 April 2010Children should be educated in finance to break the bad
debt management habits of the UK's consumers, claims a money expert.
Parenting site Mumsnet.com and Martin Lewis from Moneysavingexpert.com launched a petition today, to persuade the government to reintroduce financial education onto schools' curriculums.
They argue that children need to be taught about how to avoid debt and about
debt management as a solution after it was taken off the Children, Schools and Families Bill earlier in April.
Martin Lewis said: "We're a nation that educates our youth into debt when they go to university but never educates them about debt."
He added that the UK is a "debt-illiterate" country because it is common to borrow money to buy a house or get educated. He urges that children need to be educated in
debt management to break the cycle.
The government had planned to introduce compulsory financial education in 2011 but changed the bill because of the parental opt-out for sex education also mentioned in the bill.
Out of 8,000 people questioned, only three per cent believed it was up to parents to educate children about finance while 97 per cent agreed that financial education should be taught in schools.
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