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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Financial education ‘key to combating spiralling personal debt’

29/01/2009

There’s no doubt that personal finance education helps people deal with financial matters in the real world.

So says R3, the Association of Business Recovery Professionals.

‘It has become increasingly clear,’ says the R3 website, ‘that young people across the UK are not equipped to deal with making decisions about money or savvy about the dangers of accumulating too much debt.’

“I wholeheartedly endorse the idea of qualifications in personal finance, such as those offered by the ifs School of Finance,” said Nick O’Reilly, President of R3.

“As also suggested by the ifs,” he continued, “the government should go further and add a standalone qualification in personal finance to the school curriculum alongside subjects such as Geography, History and Modern Languages that pupils choose for GCSE.

“On a day-to-day basis, financial education is something that you would use above any other qualification.”

The website points to a three-year study of 3,000 students. Published yesterday by the University of Manchester, the study shows that standalone personal finance qualifications ‘boost skills and confidence in financial matters, as well as establishing long lasting behavioural change’.

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More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according