Thousands of young Brits ‘focussing on finances’

More than 10,000 young Britons are now getting to grips with a range of consumer finance issues by taking lessons in the growing academic field, it has been revealed.

The ifs School of Finance has proudly announced that progress is being made in its efforts to encourage greater financially understanding among the UK’s teenagers through a specially designed qualification system.

Highlighting the importance of its own work and the issue of financial competence nationwide, ifs points out that more and more people are contacting Citizens Advice about debt and overall debt levels are continuing to rise.

Anne Kiem, director of external affairs at the ifs School of Finance, said: “The fact that more than 10,000 14-19-year-olds are now gaining the skills necessary to manage their own finances and make informed financial decisions is clearly great news.

“We are not surprised that so many schools are now ensuring they give their students the opportunity to gain such crucial life skills.”

A study by Fool.co.uk recently concluded that British consumers are wasting £3 billion each year by maintaining credit card debt while adding to a savings account.