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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`

Nationwide: parents worry about children`s future debt

07/01/2010

Over two thirds of parents worry that their children will get into debt when they grow up, according to research carried out by Nationwide Building Society in conjunction with pfeg (Personal Finance Education Group).

A full 69% of British parents `are concerned that their children will get into debt in the future`, the research concludes - a significant increase on the 62% of parents who felt this way in 2008.

As for the solution: the research also asked people what they thought could help children avoid debt as they grow up. 77% of those questioned said they believed that schools should provide financial education, while 72% said that not enough had been done in the past to educate children about their finances.

More than nine out of ten (91%) who `admitted to past financial mistakes` were of the opinion that financial education could have helped them avoid those mistakes. And 91% felt that parents shared responsibility for educating their children about money.

Caroline Hallatt, Nationwide`s head of corporate responsibility, said: "Our research shows that most people feel there is not enough being done to educate children about finance, and that parents are becoming increasingly concerned. It is important that children of all ages have a good understanding of financial matters so they are equipped to make the best possible decisions about their finances when they leave school."

"Understanding money is a vital part of avoiding debt and other financial problems," said a spokesperson for Debt Advisers Direct.

"Having said that, people who are already dealing with debt problems shouldn`t feel it`s too late. Whatever kind of problems they`re facing, the right debt advice can make a huge difference to their financial situation. Depending on their individual circumstances, they may find there`s a debt solution which could help them clear their debts more rapidly than they thought they could."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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