Schoolchildren ‘afraid of debt’

Schoolchildren living in across the UK are afraid of facing financial problems and debt difficulties when they reach adulthood, it has been revealed.

According to research by Abbey, close to one in five children aged between 11 and 15 are worried about being indebted when they grow up and the feeling is particularly prevalent among boys.

Families across Britain are struggling to become debt free and Abbey’s expert shave suggested that many children are made aware at an early age of the problems financial issues can cause.

“The news is fairly extreme and shows just how much information children absorb,” said Steve Shore, director of Abbey Banking.

Children in the north of England were found to be slightly more concerned on average about being out of pocket in later life than their counterparts in the south.

Data from Credit Action suggests that the UK’s overall personal debt management burden increases by close to £1 million every five minutes.