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School leavers have a lot of financial choices to make, which may affect their futures

School leavers have a lot of financial choices to make, which may affect their futures

- Thursday, 30 September 2010

Young people leaving school have a lot of financial choices to make and a lack of knowledge could mean they end up in credit card debt.

Wendy van den Hende, chief executive for the Personal Finance Education Group, stated that the financial decisions school leavers make can have an impact for decades to come.

She warned about the temptations of overdrafts and credit cards, which can lead to debt problems if the customer lacks financial savvy.

Ms Hende said: "If you look at the situation that, as a nation we have got ourselves into over the last decade or so - we've become increasingly indebted and we've been spending more than we earn.

"Many people's debts are more than their annual salaries and you wonder how they can actually pay them back."

Consumers not only need to manage their debt but they need to save for a very long life, she added.

Her comments follow a study by uSwitch.com, which found that 71 per cent of Brits blame a lack of financial knowledge for their debt problems.
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