Parents addressing debt concerns

Parents around the UK are increasingly discussing issues of debt management with their children in the light of the trend toward borrowing that has gathered pace in recent years.

The overall level of personal debt nationwide has increased threefold in the past ten years and figures from Engage Mutual Assurance have shown that 81 per cent of British parents with children aged under 18 have already discussed financial matters with their offspring.

Almost 2,000 people were polled as part of the recent study and two-thirds said that they have been aiming to teach their children about how to avoid debts as they grow older.

The research discovered that debt management has become a more pressing concern among British parents than religion, sexism and terrorism.

Karl Elliott, 3GB spokesperson for Engage Mutual Assurance, said: “The fact that so many parents are prioritising talking to their children about money is a reflection of the increasing strain families are finding themselves under to make ends meet.”

Figures released recently by the SaveBorrowSpend website indicated that there are currently more credit cards in Britain than there are people.