Thursday 18th of November 2010
Individuals struggling to repay debts that have built up as a result of a poor financial education may decide to start asking individual voluntary arrangement questions in order to solve their monetary problems.
Research published by M&S Money found almost one-fifth of British parents had not held a conversation with their children about how they spend their money.
Just under half of the adults questioned said they had not helped their son or daughter open a current account, while a third were yet to describe what a budget is or how to manage one.
Chief executive of the finance group Colin Kersley stated many parents devote a lot of time to ensuring their children grow up to be a benefit to society, but some do not find the time or see the need to discuss financial concepts or general money issues.
Figures released by Citizens Advice recently showed it had dealt with 800,000 problems from people under the age of 25 over the past year, with the biggest concern being the amount owed on personal loans.
By Chris King
