Debts hitting the young
February 13, 2007 by admin
Filed under News, News-Credit-Cards
Debts are hitting the young, with over half of England’s teenagers having experienced debt by the time they are 17, according to a new survey.
The survey, by pfeg (Personal Finance Education Group), found that 90 per cent of teenagers worry about money and spending, and two thirds think about money on a daily basis.
When it comes to overdrafts and credit cards, 90 per cent view them as an easy way to spend more than they earn.
The survey was conducted as part of a schools initiative being mounted by the pfeg in a bid to deliver improved personal finance education to the young.
Wendy van den Hende, chief executive of pfeg, said: “We owe it to our young people to ensure that they have the financial acumen to deal with the responsibilities of being an adult.”
“We firmly believe that incorporating financial education into the existing school curriculum in a way that is relevant to young people’s lives is the best way to help them gain and retain the financial skills they need for the future.”
Consumer debt in the UK has now exceeded £1.25 trillion.
