A number of experts on bankruptcy have been travelling to secondary schools around the country as part of a drive aimed at teaching children about the dangers of poor financial management.
The initiative has been led by the Association of Business Recovery Professionals (R3) and it is hoped that the advice handed out helps young consumers avoid bankruptcy and serious debt management issues.
According to a report from the Birmingham Post, a number of Midlands’ schools have been visited by R3 members, who the association suggests are trying to “fill the gap” in financial education.
Tony Supperstone, one of the initiators of the R3 endeavour, told the paper: “It is early days yet, but this is a national initiative that we have started. We are going around the country asking our members to go into local schools.”
“We are trying to get them as early as possible before they start entering into credit card arrangements and taking out all kinds of debts they can’t afford to repay,” he added.
R3 said recently that the falling number of people entering an Individual Voluntary Arrangement (IVA) masks the continuing rise of debt problems in the UK.