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Young people who do not receive financial education find themselves at a much higher risk of poor outcomes. Those aged 18-24 are one of the age groups most likely to be over-indebted \u2013representing over a fifth of the total over-indebted population of the UK \u2013 and are increasingly involved with problem debt. Recent statistics from the Step Change Debt Charity have shown that an increasing number of young people are contacting them in need of advice, with 14% of clients now under the age 25.<\/p>\n
The earlier that good financial principles are installed into young people the better. There is a raft of statistics that support the introduction of mandatory financial education. Personal debt in the UK has now reached staggeringly high levels; every day 247 people in the UK are declared bankrupt or insolvent, while the UK\u2019s total credit card debt in July 2016 was \u00a365.5 billion, which equates to \u00a32426 per person. Personal debt in the UK has now reached over 1.5 trillion pounds. Yes, you read that right \u2013 \u00a0that\u2019s 1.5 trillion pounds. According to the Citizens Advice Bureau at least 8.2 million people in the UK suffer from major financial worries. These figures are alarming to say the least.<\/p>\n
Of course, not everyone is in dire financial straits. Many people in the UK are financially responsible, but how did they learn this responsibility? Is it instinct? Is it luck? Or were sound financial principles installed from a young age? No one is born with a knowledge of financial literacy; it is a learned behaviour which is far too important to leave to chance. Continued education, starting from a young age will help to improve comprehension of personal finance, allowing better understanding and avoidance of crippling debts.<\/p>\n
Once young people are thrust into a world of financial responsibility with all its potential pitfalls, they will at least have a basic understanding of how to effectively manage their finances. Learning about financial responsibility prior to being exposed to it is a distinctly preferable experience than going through the anxiety and stress of receiving a final demand in the post, being in a mountain of debt, or having the bailiffs bang on the door.<\/p>\n","protected":false},"excerpt":{"rendered":"
Young people who do not receive financial education find themselves at a much higher risk of poor outcomes. Those aged 18-24 are one of the age groups most likely to be over-indebted \u2013representing over a fifth of the total over-indebted population of the UK \u2013 and are increasingly involved with problem debt. Recent […]<\/p>\n","protected":false},"author":2,"featured_media":147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n