Parents harm children’s financial education

The research, carried out by the Learning and Skills Council (LSC), shows that 86 per cent of parents never broach the subject of finances with their offspring due to awkwardness or embarrassment about money matters.

This reluctance to get things out in the open means that younger generations are failing to benefit from an understanding of personal finances that could help them cope better later in their lives.

One in four parents believe that their children would not be better off learning about finances, but more and more young people are finding themselves in debt as they enter adult life.

ClearDebt survey figures for May show that the average amount of unsecured debt for people aged under 25 stood at an alarming £11,764.