Tuesday 1st of February 2011
Young people need to receive education on how best to manage their money to prevent them becoming embroiled in financial difficulties later in life, it has been claimed.
AA Financial Services has welcomed the formation of the all-party political group (APPG) Financial Education for Young People, which aims to instil monetary sense into those with little money-handling experience.
However, for those who missed out on such teaching and have subsequently found themselves lumbered with unmanageable debt, asking individual voluntary arrangement questions could be one way for them to escape their predicament.
Director of AA Financial Services Mark Huggins stated too many people fall in to debt because they cannot handle their cash flow effectively.
"If it were part of the national curriculum I'm certain that future generations will be much less likely to make the mistakes their parents might have made," he added.
His comments come after the recent Post Office Consumer Credit Report found 2.4 million UK adults expect to increase their spending this year when compared with 2010.
By Rachel Powell
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