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Teaching personal finance in schools 'could cut adult debt'
Teaching schoolchildren about personal finance could reduce their chances of getting into serious debt later in life, an expert has claimed.
Rachel Levy of finance magazine Moneywise said teaching children about savings accounts, credit cards and how interest rates affect repayments would put them in control of their finances and give them more choices as adults.
It would also make them aware of the importance of long-term financial planning, such as savings or pensions.
Ms Levy was speaking as her magazine launched its Kids and Cash campaign, which is calling on the government to introduce compulsory financial education into the national curriculum alongside subjects like geography and science.
"We've got this culture where people buy now, pay later and they don't save for things, and a lot of this is simply coming from people just not having a basic education about personal finance," she said.
Ms Levy added that although personal finance can be taught as part of citizenship lessons or optional personal, social and health education, schools are under no obligation to teach it and therefore very few offer the subject.