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Loan charges: Teach children about money, expert says

So that they do not end up experiencing loan charges in later life, it could be a good idea to teach children about financial issues from a young age.

According to Kim Stephenson, occupational psychologist and founder of online resource Taming the Pound, children who are taught about money grow up "more able to cope with life".

"Teach them to defer gratification, structure experience for them so they understand that decisions and actions have consequences, and start them early," he said.

Mr Stephenson also offered some tips on good money management.

He said that people should set out their goals and priorities and realise that they cannot have everything they want.

"What things do you want and need ... Use your money as efficiently as possible to get those, then set goals to get other things you don't want as much."

His comments follow research by Halifax showing that children in Harpenden have the highest average savings balances in the UK.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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