Financial education 'can boost debt management'
Financial education 'can boost debt management'
Monday 30th March 2009
Wendy van den Hende, chief executive of the Personal Finance Education Group, said that personal finance lessons allow young people to develop into well-informed and independent consumers.
Writing in the Observer, she claimed that equipping children with a sound understanding of financial matters is "too important to be left to chance".
Although some critics have argued that the formal provision of financial education has no proven benefits, Ms Van den Hende believes that it can play a crucial role in preparing young people to make important decision regarding their money.
"We are failing our young people if we do not invest in their future. When they leave school they will have to make complex decisions that will have long-term consequences," she explained.
"If they go to university, will the course they follow lead to high-paid employment, or will they spend the next ten years worrying about repaying their debts?"
Ms Van den Hende said that financial education does not merely involve teaching children about financial jargon and products, but also helps them to understand their own attitudes to money.
In addition, she argued that young people are already becoming more financially aware, with children as young as eight now owning mobile phones and many using their parents' credit cards to shop online.
NatWest has recently published the latest findings from its MoneySense Panel, a survey that examines the impact of financial education among 12 to 19-year-olds.
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