Debt problems are starting younger and younger with 50% of school children admitting that they are in debt at the age of 17.
Over half owe money to family or friends and a large proportion say that they worry about money every day. Many cannot wait to reach eighteen so as they can apply for credit cards and others say they will rely on overdrafts to help them through difficult times.
Many are naïve when it comes to finances and believe that an overdraft is in place to help you out if you overspend.
Astonishingly, one in 20 thought that credit cards were a free well of credit that didn’t ever need to be paid back.
How can we prevent teenage debt?
More emphasis needs to be placed on the importance of saving and investing so as young people use money as a form of growth rather than ruin
The Learning Money Matters scheme provides secondary pupils with essential support and advice in order to remain debt free. It offers games and resources which relate to real life financial situations to educate children on how to cope with their personal finances.
The aim is to instil into young minds the importance of being responsible for their spending habits. Will this advice stay with them throughout adulthood or simply drift away as real life temptations take a strong hold?
