Monday 29th of June 2009
Consumers have been advised to begin good financial habits early, in order to avoid the need for solutions such as debt management plans.
According to The Children’s Mutual, learning principles at a young age can ensure that adults do not find themselves in debt.
Chief executive of the organisation David White explained that many people are finding that they have less money in retirement as a result of borrowing later in life.
Those who have difficulty repaying this have solutions such as debt management plans available to help reduce what they owe, but Mr White suggested that steps can be taken to prevent such problems in the future.
"The only way we can turn this whole situation around is … to have people arriving at adulthood with financial capabilities," he said.
It comes after Saga Savings revealed that 70 per cent of those aged over 50 have provided financial help to their family over the last five years.
