Compulsory debt lessons to be introduced

5 January 2010

As part of a range of new measures for primary schools, children as young as five will be given compulsory lessons on money, savings and debt from next year, the Telegraph reports.

Children aged seven to 11 could learn about different bank accounts, and how to budget effectively, while children aged 11 to 14 could be given lessons on credit cards, mortgage debts and loans, and 14-16-year-olds could receive lessons about debt and about how being in debt can affect people.

Martin Lewis, creator of MoneySavingExpert.com, said: "Finally we`re getting somewhere. We encourage our youth into debt when they go to university, but the disgrace is we`ve never educated them about debt."

In addition, the Secretary of State for Children, Schools and Families, Ed Balls, is expected to announce a `£50m fund for schools to intervene with extra lessons if six or seven-year-olds fall behind with basic Maths or English`.

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