Abacus Daily Debt News

Parents concerned about children’s debt levels, survey shows

The majority of parents in the UK are concerned that their children will fall into debt in later life.

This is the finding of a new survey conducted by Nationwide and the Personal Finance Education Group, which indicated that 69 per cent are anxious about this, a rise from the 62 per cent recorded in 2008.

However, 91 per cent of those asked stated that it is up to the parents to impart financial education as well as schools, although many admit they do not have the skills in place to teach their offspring.

Commenting on the fact that 77 per cent believe that money matters should be taught in schools, Nationwide’s head of corporate responsibility Caroline Hallatt said: "It is important that children of all ages have a good understanding of financial matters so they are equipped to make the best possible decisions … when they leave school."

Meanwhile, a recent Nielsen-British Retail Consortium survey showed that Britons are increasingly anxious about their personal debt levels, with 69 per cent planning to use spare cash to improve their finances.

By Sarah Adie