Debt problems ’caused by lack of understanding’
Article Category: Debt Management Help and Advice
Greater financial education for young people could prevent many debt problems, it has been claimed.
Citizens Advice argues that a lack of awareness of financial management techniques is leading to many individuals developing affordability issues.
But by targeting skills-based lessons at 11 to 16-year-olds, a greater understanding of the dangers of overspending could be created.
“We know that a lot of debt problems are caused - at least in part - by a lack of understanding and a lack of confidence,” a spokesperson explains.
“We’d say the key thing is budgeting - knowing how to budget is a fundamental building block of financial skills.”
This extends beyond simply managing existing finances to having an awareness of debt management techniques and getting the best credit deal, the commentator adds.
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