A new guide has been launched by the UK’s payment association Apacs with the aim of helping teenagers and young people learn how to borrow responsibly and avoid unmanageable credit card debt.
The association has also made another publication entitled “using cards – a parents guide” available, with the aim of giving adults advice that might help them keep their children on the right financial path.
Highlighting the need for sound financial understanding among young consumers, Apacs points out that around 85 per cent of all 18 to 24-year-olds in the UK have some sort of plastic spending card.
“Young people are spending ever-increasing amounts of money and it is therefore vital that they make a considered decision before choosing which product they use,” said Sandra Quinn, director of communications at Apacs.
“Being able to manage their personal finances is one of the most important life skills a young person can acquire, and these guides give both young people and their parents a useful introduction to some of the issues that they will face,” she added.
Earlier this year, the extent of the UK’s credit card debt problems prompted Apacs to launch a guide explaining how to assess relevant monthly statements from financial service firms.