Parents need to speak to their children about debt

Over the past few years the huge problems facing millions of households in the UK due to debt issues have become increasingly prevalent. The global financial crisis and recession has put the focus firmly on these debt problems, and with job losses and government cutbacks adding to the issues the various debt charities that are in operation in the UK are experiencing difficulties in keeping up with demand for debt related advice.

As a result of the issues that have stemmed from high personal debt levels across the UK many have called for the school curriculum to be changed so that personal finance related subjects are added. Officials believe that kids will benefit hugely by learning about money management and the problems that huge debt levels can create.

It has now been suggested that parents should also take responsibility for educating their children about personal finance matters whilst they are still young and likely to take in the information. For many it is too late by the time they leave college because they have already managed to get their hands on a credit card or other form of finance and started the debt ball rolling. Official want parents to tackle the issue sooner rather than later so that kids are able to make more informed financial choices as they get older.

It seems that parents are only too willing to do this because many are already trying to teach their kids about money, especially after seeing the huge problems debt has caused over recent years. As many as 78 percent of British parents are said to be keen to teach their kids about money issues.

One official said: “While parents themselves have made some changes to their financial and environmental behaviour since having children, they clearly feel an even stronger duty to pass these values on to their children.”

Tags: result, school, government, percent, behaviour

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