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Personal finance education "welcome"

The Citizens Advice Bureau has voiced it support for plans to make lessons in managing money part of the national school curriculum.

According to the information service, giving 11 to 16-year-olds a greater degree of financial understanding and confidence will help to significantly reduce the UK's level of consumer debt in future years.

Teaching children how to budget their money and understand credit, as well as other financial "building blocks", will allow them to make informed decisions about pecuniary matters later in life, a Citizens Advice spokesperson said.

They stated: "We very much welcome the move to improve people's skills in personal finance.

"I think that there is no shortage of good ways of making this a subject that young people want to know more about."

Last week, financial expert Derek Oakley of Debt Free Direct said that debt problems are often the result of "poor decisioning" and that the teaching of basic financial principles in schools would help to eradicate this tendency in consumers.

Personal loans offer a method of debt consolidation.

See how much you could borrow with a debt consolidation loan from Lombard Direct.

30/08/2007 17:10:51

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