Parents concerned their children will fall into debt

25 January 2010

According to research conducted by Nationwide (in conjunction with the Personal Finance Education Group (pfeg)), 69% of British parents are worried that their children will fall into debt in the future - compared with 62% in 2008.

The majority of parents who did respond to the survey said that the risk of children falling into debt in later life could be reduced if financial education was introduced from an early age in schools.

Of those questioned, 72% believe that there hasn`t been enough done in the past to teach children about financial matters such as debt.

Nationwide`s head of corporate responsibility, Caroline Hallatt, 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."

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