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School pupils `should be given financial advice`

3 September 2007

Teenagers should be given financial advice in an effort to stop long-term debt problems, an industry body has claimed.

The government announced in July that school children are to be given lessons in "economic wellbeing and financial capability" in the upcoming academic year, a move which has been welcomed by Citizens Advice.

A spokesman for Citizens Advice said: "We very much welcome the move to improve people`s skills in personal finance because what we know that a lot of debt problems are caused, at least in part, by a lack of understanding and a lack of confidence in dealing with money matters."

A report by the Institute for Public Policy Research found that children could be £32,000 better off by the time they reach their 40s if they make better decisions as a result of financial education.

Citizens Advice offers legal and financial advice at over 3,000 centres nationwide.

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