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Kids being encouraged to learn how to stay out of debt

Youngsters across the UK will be learning more about the dangers of getting into debt and the benefits of saving.

This is due to a new book that is to be used in classrooms across the UK in order to educate children in financial management from an early age. With the level of consumers debt and bad debt levels in the UK, it has become essential for even youngsters to learn about the problems associated with getting into debt in order to help them to avoid the pitfalls of poor financial decisions.

Financial education for kids as young as eight is considered vital these days to avoid the growing culture of reliance on finance and debt. The book that is being used to educate the children is called On the Money.

The book contains a number of children's stories that will make children think harder about financial issues and problems, and to develop thinking patterns that could benefit them in the real world and could make a big difference to their attitudes and decisions as they grow older.

One of the students that has been reading the book, and eight year old girl, stated: 'Using credit cards too much is bad and you can get into debt.'

Another of the students stated: 'We've learned that you don't always need to spend your money straightaway. If you put it in the bank and get interest, you end up with even more to spend.'

An official from Standard Life Bank said: 'We've always believed that financial education should be fun. This book is very entertaining and is in the best tradition of Celtic storytelling.'

Jim Lally, director of the Scottish Centre for Financial Education, added: 'Attitudes to money develop early in life. At this stage, financial education is not about teaching the difference between a direct debit or a standing order. It is about instilling concepts like budgeting, saving and enterprise.'

Tom Smith
8th July 2007

More Information:

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