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Parents think it is easier for their children to get into debt problems

Parents think it is easier for their children to get into debt problems

- Wednesday, 3 November 2010

Around a third of parents believe they can help their children avoid debt problems when they are older by imparting their own knowledge, new research has found.

M&S Money conducted the research and also revealed on November 2nd that a quarter of mums and dads think it will be easier for their children to get into debt problems than it was for them at the same age.

Another 19 per cent claimed that their child would not understand the jargon surrounding finances as there is not enough practical guidance in schools.

Wendy van den Hende, chief executive of the Personal Finance Education Group, agreed that it is easier for youngsters to accrue debt.

She said: "In previous generations cash was much more important, whereas now cards are very different. Even for young people they use a lot of cards; from parents or siblings, to buy off the internet.

"It's quite easy to move into spending more than is sensible and more than you have available."
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