Welcome To “My Money Week”
We reported last week on how an increasing number of people are getting themselves into a heavy debt situation through taking on too many personal loan and credit card commitments, leaving them unable to manage their finances, with many building up severe arrears on their loans and other debts, leaving them facing the possibility of bankruptcy.
The growing concern is that an extremely high proportion of these individuals are under the age of thirty and many experts blame this trend on the fact that there is insufficient education in schools with regard to managing money and finances, with particular reference to personal loans and debt management.
In response to this growing problem, the government has launched a new initiative this week which will be known as “My Money Week”. The idea is designed to bring financial education into schools for one week from the 29th June to the 3rd July, in an attempt to provide some level of financial education for children and hopefully help them to manage their money better in the future and avoid the pitfalls of being burdened with heavy personal loan and credit card debts, which they may be unable to cope with.
The week is being organised by the Personal Finance Education Group (PFEG) and David White from the group had the following comments to make on the idea. “It is vitally important that children and young adults are educated as early as possible about money and finance. This will better equip them to make smart choices when it comes to managing their own budgets and savings in the future.
Over the past eighteen months we have all seen how a “spend now, pay later” attitude towards money has had a profound effect on some households. We firmly believe that helping youngsters learn about the importance of money management and saving is essential to giving them choices and easing their later transition into working life and adult life.”
