Parents Worried About Their Kids Falling Into Debt

Fri, 29 Jan 2010

An increasing number of parents in the UK are concerned about the prospect of their children getting into debt in the future, new research has revealed.

A survey carried out by Nationwide and the Personal Finance Education Group (pfeg) found that over two-thirds of UK adults (69 per cent) fear that their children may suffer debt problems at a later point in their life.

Some 94 per cent believe that it is important young people receive financial education, especially in the current economic climate, and 82 per cent think budgeting advice should be the top agenda in schools.

The survey also found that many parents have made their own financial mistakes in the past and do not have the skills needed to educate their children about finance .

Caroline Hallatt, head of corporate responsibility at Nationwide, 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."

The findings come after a study by the National Equality Panel highlighted the impact parents’ debt problems can have on their kids, especially their education .

It revealed that children who are eligible for free school meals are 28 per cent less likely to get 5 GCSEs, with this disadvantage continuing throughout their lives.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.