More pupils learning about debt

The ifs School of Finance has said that despite figures showing that insolvencies are on the increase and that lenders were giving Britons even more credit, 6,000 students were taking GCSE, A-level or equivalent personal finance qualifications.

“Whilst it may appear that the future is bleak as the UK becomes increasingly burdened by debt,” said the School of Finance, the figures demonstrate strong demand “for educating young people in how to better spend and save money”.

According to the school, the qualifications cover a wide range of issues and skills that should help the next generation of consumers better manage their debt.

However, for those currently struggling, debt advice exists and can help people clear their repayments.

With the amount of people filing for bankruptcy or taking out an Individual Voluntary Arrangement (IVA) shown to be increasing, the increase in better education about finances could help reverse this trend.