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PPI claims: Youngsters 'should be taught money management'

Almost three quarters (73.7 per cent) of respondents to a poll support providing compulsory financial education in schools.

While this would help youngsters to understand jargon in bank claims and reduce their likelihood of making unsustainable loan charges, 21.9 per cent still said it is a job that should be done by parents.

A further 1.8 per cent suggested that there are more important things for youngsters to be taught about, while 1.9 per cent said understanding money management is not needed until people start dealing with their own finances.

Head of banking at Kevin Mountford recommended that mums and dads who wish to help their children avoid bank charges should provide them with pocket or birthday money and encourage them to put it aside for a rainy day.

Part-time employment for teenagers was also recommended by the expert, who said this can be "the first time they experience regular payments into their bank account".

"It's vital young people understand the charges and interest involved when using credit," he noted, pointing out that people are often offered the opportunity to borrow through credit card claims and authorised overdrafts when they reach 18 years old.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801450747-ADNFCR

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