Financial education needed for all

With calls for children to be educated about managing their finances in schools, Nick White, head of personal finance at Uswitch.com, says that teaching should be extended to all.

“All age groups need educating about finances – to a degree this is, to me, a generational thing,” said Mr White.

“Education is key, as is providing help to help people budget and live within their means.”

His comments come as a study by uSwitch.com reveals that two thirds of the over-50s have an overdraft with 850,000 of them permanently overdrawn.

Mr White said that for many, action is only taken when it is too late which is why people need better financial education, especially in light of easier credit facilities than ever before.

As more people get themselves saddled with large debt, Mr White believes that immediate financial education for all ages is needed to change attitudes as soon as possible.