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Credit Action calls for financial education on curriculum
DebtCred has already reached 10,000 students so far this year, but Credit Action believes that the project, which is run with the help of financial services volunteers, needs to be expanded if ministers are to plug the gap in people's financial education.
According to the organisation, 95 per cent of teachers believe that younger people do not have adequate financial skills - something that can have a significant impact on a person's financial wellbeing later in life.
Meanwhile, 80 per cent of students on the DebtCred programme claimed that financial education would help them to better organise their finances.
Bushara Raja, education officer at Credit Action, said: "We feel it is imperative that responsible attitudes towards money are developed from a young age, so that the behavioural issues which surround poor money management can be prevented early on.
"With cuts, rising tuition fees and a squeeze on household budgets, there has never been a greater need for the subject to be introduced as a compulsory element of education."
Careful financial planning - which can include simple money-saving measures such as comparing the latest credit card deals - can help people prepare for financial uncertainties. According to Mark Bower, managing director of moneymaxim.co.uk, people are increasingly expected to rely on their own money to deal with situations such as long-term illness or redundancy thanks to government cuts to welfare and the ongoing global financial turmoil. Which is why having a handle on your finances is more vital than ever before.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2011-12-06 13:43:48 © Moneyextra.com
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