Wednesday 17th of March 2010
If your household has been hit hard by the recession you may wonder what the lasting impact is for your children, although individual voluntary arrangement (IVA) answers could reassure you there is light at the end of the tunnel.
Seeing you stressed about debt may have left your children in no doubt about the importance of keeping on top of money.
New research by YouGov, commissioned by the Personal Finance Education Group (pfeg) and HSBC, reveals that the economic downturn has taught 80 per cent of kids to save up for something they want, rather than get into debt.
But it could be the attitude of simply piling purchases on credit cards that has resulted in you getting into the mess you are in.
IVAs could help you clear these numerous credit card balances, however, by freezing the interest rates on them.
With interest at a standstill, you may find you no longer have to play catch-up with your creditors.
"The survey shows that children have very good instincts towards money and they seem to be natural savers. This does not always last into adulthood," asserts Wendy van den Hende, chief executive of pfeg.
By Mark Waterman
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVAs could help struggling families
