Money and debt help from Nationwide

6 October 2008

Why do so many people need debt help? Simple lack of financial understanding is one of the main culprits. If children knew more about money, they’d stand a much better chance of coping with their finances – now and in later life.

Online help in the battle against debt
This is why financial education plays a big part on the Nationwide Building Society’s www.nationwideeducation.co.uk website, a site which contains all kinds of useful, fun and informative resources, from games and quizzes to fact sheets.

For example, it shows children how to stay out of debt by keeping a budget:
‘Keeping a budget sheet helps individuals, families or businesses keep a record of what they spend and earn. This helps them to see where their money is going and to make sure they don’t spend more than they receive and end up going into debt.’
Family Budget Sheet for 7-11-year-olds

Budgeting is a prime example of a simple technique that can hugely improve someone’s financial situation so they don’t end up in desperate need of debt help in the first place.

Debt help – better early than late
It’s all in the phrase ‘make sure they don’t spend more than they receive and end up going into debt’ – it’s a simple idea, but how can children do it if they’ve never seen a budget? Many adults learn about budgeting when they come to a company like Gregory Pennington looking for debt help.

Unfortunately, by the time they go looking for help with their debts, many people are already deeply in debt. It’s something they could probably have avoided if they’d had more help understanding debt – and money in general – when they were kids.

Help with debt – prevention is better than cure
`Too many people are in debt, owing large amounts of money that they find difficult to pay back. Most of us have had to learn by our own mistakes when it comes to finances, but if we give children an early understanding of money and a responsible attitude towards it, we can help them avoid making mistakes and help them to learn how to plan. It’s about developing a sensible approach to saving and spending.`
`Parents financial capability` page

That ‘sensible approach to saving and spending’ is one of the most important attitudes that people need to pick up before they start applying for credit cards, mortgages, personal loans, overdrafts, car loans… The right financial education can show people how to avoid the pitfalls that come with borrowing, and help them avoid debt problems altogether.

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Gregory Pennington offer free debt advice and a whole range of debt solutions. If you’re looking for debt help, call us on freephone 0800 161 3516.

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