Financial education would reduce bad debt

| May 3, 2010

Young people are plunging themselves into unmanageable debt because they not being adequately educated on how to handle their finances, moneysupermarket.com has claimed.

The price comparison site said the failure of Britain’s schools to offer education on money matters is putting a generation of young people at financial risk.

“Financial education has been on the agenda so many times but we haven’t really got a proper financial education in place here in the UK,” a spokesperson for the site said.

“That could be targeted more.”

He added that the lack of financial education is “worrying” as it leaves young people at risk of being exploited by unscrupulous finance providers offering credit cards and loans to young people who don’t know how to use credit responsibly.

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