Recession ‘becomes one of the three Rs’

Teaching children about the recession has been added to the traditional ‘three Rs’ of writing, reading and arithmetic, it has been claimed.

Today’s young people are becoming the “credit crunch generation”, according to The Co-operative Child Trust Funds.

Research carried out Opinium on behalf of the organisation found that over half (51 per cent) of parents are teaching their children about the economic downturn.

And 62 per cent of the mothers and fathers questioned feel it is important for their kids to have an understanding of the current happenings in the economy.

Spokesperson Zack Hocking said that this could result in a generation emerging that is “better equipped” to deal with money matters, something that could aid them with debt management issues.

“Parents clearly don’t want to shelter their children from the realities of the credit crunch,” Mr Hocking remarked.

Recently, figures from the Children’s Mutual and the Social Issues Research Centre revealed that 66 per cent of young people who claim to be financially independent receive money from their parents.

By Jamie Price