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Bank Reclaim: Youngsters 'should be educated about money'

The financial issues young people could face might be prevented if they were informed about bank charges, loan claims and similar financial issues.

Ark Financial Planning chartered financial planner Phil Stevenson argued: "The education which we give our kids in financial matters is all wrong."

Youngsters leave university education with substantial debts, he pointed out.

Then, some of the first things they want to do are take out a credit card and buy a car, the expert continued.

Instead, they ought to be taught about how to start saving money at as early a stage as possible, Mr Stevenson remarked.

He argued: "We educate our young into taking on debt."

There are also not enough people saving money for later life at present, the specialist added.

Recently, the Pensions Regulator announced that employers will now be able to decide to automatically enrol in a pension scheme at an earlier date than the nationwide roll-out.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801350993-ADNFCR

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