Finance lessons ‘would help ease debt crisis’

Personal finance lessons in schools would eventually help to ease the crisis of personal indebtness in the UK, one expert has suggested.

According to Rachel Lacey, editor of Moneywise, giving young Britons a better understanding of money-related issues would help them avoid serious debt management difficulties in later life.

Issues such as how to limit credit card debt and how to manage a current account ought to be on the national curriculum and discussed in classrooms around country, Ms Lacey has insisted.

“Debt’s a massive issue – an awful lot of people are now struggling with debt and a lot of this comes down to the fact that people just simply don’t understand how personal finance products work,” she said.

Last week, the homelessness charity Shelter warned that it might not be able to help everyone who will have their home repossessed over the course of 2008 because of the increasing pressure on its resources.