Lack of finance education ‘can cause debt problems’

If consumers are not educated about financial management in their younger years then they could be at greater risk of suffering debt problems when they are older, it has been suggested.

Nicky Goulder, director and co-founder of charity Create, explained to the East London Advertiser how important it is to raise financial awareness at school level as his organisation launched a new programme designed to tackle the issue in the East End.

Under the initiative, children from the age of nine are being taught about budgeting in areas such as Tower Hamlets, which is among the worst hit places by personal debt in the capital.

“A lack of financial awareness at a young age can lead to unemployment and poverty later in life,” Mr Goulder commented.

The programme comes as credit card debt in the UK is beginning to rise again, a trend dubbed worrying by the Daily Mail.

By Chris Trimble