Lessons in Finance Could Help Prevent Debt Problems of the Future

1. Article: Debt Support Service Lessons in Finance Could Help Prevent Debt Problems of the Future At Debt Support Service we tend to think Aristotle’s conviction that positive habits formed in youth “make all the difference” is highly relevant to money management and its importance in daily life. However, judging by the large number of consumers still struggling to understand financial planning in early adulthood, our educational system is failing youngsters. So many leave school with little appreciation of the world of money, with over 60 per cent experiencing debt problems before they hit 40. Many parents shy away from money talk due to embarrassment over their own debts. What’s more, parents generally expect the education sector to play this role. There is a storm ahead according to the Money Advice Centre, which suggests that close to 17m Britons have less than £100 in savings. Social media encourages the under 25-year-olds to splash out to excess, glorifying the manufactured icons of modern society with unrealistic lifestyles far beyond the scope of the average salary earner. Many university students succumb to debt issues as a result of instant credit offers, payday loans and store cards where they neglect to read the small print and absorb the terms. As a long-time provider of debt management support, we can say that complicated mobile phone plans and download services are perhaps the most standout current examples of quick-fire purchases where young consumers often fail to register the full extent of the likely charges - and they soon end up with a painful debt load without realising what they were getting into. Many UK debt management companies have called for education on financial illiteracy in schools. Today, first year primary school children are taught the value of each coin and how to obtain change. Near the end of primary schooling – or more specifically, in years Five and Six – youngsters receive guidance on how to use money wisely. This even extends to lessons on how to evaluate sales offers. Children engage in projects such as the design and development of a theme park to a set budget and weighing up which rides or equipment they can afford. Teachers in Sheffield say they regularly talk to children about how to save pocket money so they can work towards affording a more expensive toy, even though these sorts of lessons are not mandatory in the national curriculum. Of course, as one of the top UK debt management companieswe are well aware that the world of finance has moved on significantly since most parents were at school. Debit cards for receiving pocket money and the trend of younger children making purchases using smart mobile phones are two recent developments that brought a notable shift away from the traditional concept of physical money. In our debt management support role, we’re concerned at how the proliferation of mini computers and digital cash encourage such a blasé attitude to spending – nothing seems concrete.

2. Article: Debt Support Service We reckon that advice on retirement plans and auto-enrolment should be compulsory in secondary schools. Fortunately, statutory financial education was added to the secondary curriculum in England five years ago. That’s a welcome start, but many teachers still lack adequate training to explain the value of income protection and critical illness cover. As specialists in debt management support we believe in taking proactive measures. It’s always better to attack debt issues at the root source – awareness and early mastery of money management skills. Education is the key. Author Bio: Debt Support Service was founded with the aim of providing fair and ethical consumer debt advice to UK residents. With our many years experience of helping people who are struggling with personal debt and financial problems, we are perfectly placed to help you find the right solution for your circumstances. We are comprised of fully trained and skilled advisers with a significant number of year’s knowledge and extensive experience of helping people to solve their personal debt problems.