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Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

Children raised in credit crunch `may be better able to manage money`

11/03/2009

Youngsters being brought up amid the current recession may be better equipped to manage their money in the future, it has been claimed.

Zack Hocking, head of child trust funds at the Co-operative, said the credit crunch could result in a generation who are more financially savvy - potentially meaning they are less inclined to get into debt problems.

Research conducted by the firm suggested that 51 per cent of parents are educating their offspring on the money problems currently affecting the economy.

In addition, it was found that 49 per cent of parents confirmed that their children had asked them about the recession.

Mr Hocking said: "It`s possible that one good thing to come from the current downturn will be a generation that`s financially wiser and better equipped to manage their money through times of economic uncertainty."

In another recent indication that consumers are being more careful with their finances, the Association for Payment Clearing Services last month revealed that credit card spending fell by 4.8 per cent in December compared with the same month in 2007.

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