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CAB recommends teen finance lessons

August 30, 2007 by admin  
Filed under News, News-Banking

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Financial lessons for Britain’s teenagers have received strong support from the (CAB).

With debt levels now outweighing national GDP, the bureau said that teaching young people how to budget more effectively was “fundamental”.

The CAB issued the statements in reaction to the government’s announcement last month that a new subject covering financial issues is to be introduced into the secondary school curriculum.

A spokesperson said: “We very much welcome the move to improve people’s skills in personal finance, because what we know that a lot of debt problems are caused, at least in part, by a lack of understanding and a lack of confidence in dealing with money matters.

“There are a whole variety of ways of engaging young people of that age with the issues,” they added. “There are many different methods, ranging from drama to a whole load of other things. So I think that there is no shortage of good ways of making this a subject that young people want to know more about.”

Also supporting the new lessons is recent research from the Institute for Public Policy Research, which suggested that a couple with two children could be as much as £32,000 wealthier due to sound decisions made stemming from an improved financial education.

Tags: Citizen's Advice Bureau, financial issues, Institute, Britain's teenagers, Financial lessons, couple, variety, lack

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