Abacus Daily Debt News

Debt management ‘would be easier with financial education’

Debt management should be taught at an early age to ensure young people are fully capable of understanding their financial responsibilities when they are older, one expert has suggested.

Director of operations at charity Personal Finance Education Group Gary Millner said many people are taking on bills when they are much younger and it is important individuals are properly prepared.

He stated: "From research we’ve done, young people are starting to make their financial decisions at the age of seven when their parents made them at ten."

The average age for first getting a mobile phone is currently eight years old, Mr Millner added, which means children need to be aware of how tariff prices and network deals operate.

School leavers need to be properly instructed on how to budget and manage finances, so that shopping around for a better package is possible, he remarked.

His comments come after 73 per cent of people surveyed in a recent Uswitch study claimed a mathematics qualification is required to understand household energy charges.

By Francis Finch