Debt education for kids this Christmas?

Adults in the UK may be missing out on the chance to educate their children about money management and debt this Christmas, it has been suggested.

According to uSwitch.com, although 56 per cent of people will be buying fewer presents, only a third of those who are spending less on gifts for their offspring intend to be honest about why money is lacking.

This, the company believes, may be a mistake and director of consumer policy Ann Robinson noted that “shielding [children] from the impact of the recession this Christmas or just hoping they won’t notice is not doing them any favours”.

She went on to say that it is important to help them understand spending, budgets and money so as to “set them up for the future”.

The research also found that gadgets are not the present of choice this year and ten per cent intend to buy more traditional gifts for their children, such as board games.

uSwitch.com’s statistics come in support of a recent statement by Nicky Goulder of charity Create, who told the East London Advertiser that it is important to increase financial awareness in schools to prevent debt problems occurring later in life.

By Sarah Adie