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Financial education could prevent debt problems in later life

Financial education could prevent debt problems in later life

- Monday, 28 June 2010

Financial education in schools is vital in ensuring that children understand complex money issues in the future and prevent them from getting into debt problems.

According to Zoe Stevens, spokesperson for Confused.com, consumers can get into debt problems if they do not understand how borrowing works, especially in terms of personal loans and credit cards.

She said: "Confused.com believes that financial education in schools is a really worthwhile exercise. It's important that people understand finance to aid in their ability to manage their money well."

Learning about money matters from a young age can ensure that consumers understand complicated financial products in later life, she added.

In support of My Money Week (June 28th to July 2nd), Equifax conducted a new survey.

The survey found that 94 per cent of parents believe that financial education should be part of the national curriculum.

Another 35 per cent think that their children do not have a good understanding of the value of money.ADNFCR-2300-ID-19860200-ADNFCR
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