Parents concerned about children's future debt management problems
- Friday, 29 January 2010An increasing number of UK parents are concerned that their children will encounter
debt management problems in the future, according to a recent study.
The research, conducted by Nationwide and the Personal Finance Education Group (pfeg), found that 69 per cent of British adults worry about their children getting into debt in later life.
A majority (94 per cent) believed that financial education for young people is important in the current environment, and 82 per cent would like budgeting advice to be at the top of the agenda in schools.
Many parents also admit to not having the required skills to teach their children about finance, with 67 per cent admitting they have made financial mistakes in the past, the study states.
Nationwide's head of corporate responsibility Caroline Hallatt said: "It is important that children of all ages have a good understanding of financial matters so they are equipped to make the best possible decisions about their finances when they leave school."
Earlier this month, schools secretary Ed Balls announced that as of next September all pupils from the age of five to 16 will be taught about handling money, savings and financial skills as part of a new curriculum.
