More calls for financial education

The former education spokesman for the Liberal Democrat party Phil Willis MP recently echoed calls from ifs to establish financial education as a distinct part of national curriculum, which can stand alone as an examinable subject area.

Only in this way will young Britons become more financially capable and able to avoid debt management trouble and the need for a debt solution, both Mr Willis and the school of finance suggest.

“Today’s young people face a more complex financial picture…it appears that as we have become more affluent we have abandoned…our senses when it comes to finance,” Mr Willis told the House of Commons recently.

According to figures from accountancy firm KPMG, more than 100,000 people in the UK made an Individual Voluntary Arrangement application during 2006.