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Parents want to warn children about debt problems

Parents want to warn children about debt problems

- Tuesday, 22 March 2011

One of the top priorities for parents in the UK is to instil good money sense into their children, which may help them avoid debt solutions in the future.

That is according to a recent report by ethical bank Triodos, 78 per cent of Brits want to teach their children about money and the importance of savings accounts as there is a lack of financial education in schools.

Huw Davies, head of personal banking at the company, commented: "While parents themselves have made some changes to their financial and environmental behaviour since having children, they clearly feel an even stronger duty to pass these values on to their children."

It was also found that 29 per cent of parents and 20 per cent of grandparents are already saving for their youngster's future, which may help them avoid debt problems in later life.

On January 31st, a major campaign was launched by the All Parliamentary Party Group to make financial education compulsory in schools.
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