Children and money – the facts

With borrowing a way of life and financial products offered to our children at younger and younger ages, a degree of financial knowledge is crucial. But financial education is not compulsory in our schools and many young people know next to nothing about some of the most common financial products and do not even keep track of their own spending.

 

British teenagers have more cash than ever before, with the UK’s 16 year olds earning ££713 million a year and an additional £258 million in pocket money. However, 54% do not keep track of their spending and 46% are unsure of the difference between a credit card and a debit card.

 

Consequently, many teachers and organisations are attempting to introduce some form of effective money education into schools. Debt Doctors Foundation UK holds regular workshops in schools across the country delivering simple and fun messages about money and finance. Other organisations such as the Personal Finance Education Group (PFEG) conduct research and provide teaching materials to parents and teachers. With 90% of teachers admitting to feeling worried about the level of financial knowledge among their pupils, the work which these charitable organisations do is in high demand.

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