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Parents 'should educate' their children about finances and debt problems

Parents 'should educate' their children about finances and debt problems

- Tuesday, 1 February 2011

Parents have a responsibility to teach their children about managing their finances in order to help them avoid needing debt advice in the future.

According to Nick Seaton, chairman of the Campaign for Real Education, which was formed in 1987 to press for higher standards and parental choice in education, both parents and schools have a responsibility to financially educate children.

He said: "The more social aspects of education are best left to parents.

"They can do this in lunchtime clubs or after school clubs but I think it's wrong to enforce it in the normal school timetable."

Schools may like to inform children about how to budget, which could help them avoid accruing debt problems in the future, as an extracurricular activity.

Mr Seaton suggested that schools could educate children about finances outside of school time.

He made these comments after the All Parliamentary Party Group launched a major campaign yesterday (January 31st) to make financial education compulsory in schools.

More than 220 MPs from all political parties are backing the campaign.
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