New proposal highlights need for finance classes in schools
A new proposition has been raised by the Liberal Democrats, whose intention is to help children within the UK better understand their finances, and to develop a more positive attitude towards credit.
If the proposition is approved, schools throughout the country will be legally required to educate their students in the ways of competent financial management, which will represent a curriculum first in Europe.
A representative for the party stated that research showed that almost 50% of older teenagers had amassed some form of personal debt, with an additional 25% of all teenagers believed to view loans and credit cards as just an easy way to buy the things that they want, when they want them. These traits are in themselves extremely dangerous and also highlight the places in which we are failing (and will continue to fail) as a borrowing nation.
Statistically, Britain is the most indebted nation in Europe, and possibly even the world. Our attitudes towards credit are extremely relaxed, and being in debt is now considered to be the norm. This, of course, is a dangerous scenario, and goes towards explaining as to why, as a nation, we are amassing more than 4 million pounds worth of debt, every hour.
Tackling attitudes towards credit in schools appears to be the most logical place to start. In addition, it has also been suggested that non-compulsory classes should also be introduced for adults who are frequent defaulters on loans and other credit products.
