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Help kids avoid loan claims 'by teaching them about budgeting'

Parents may be able to prevent their children from making unsustainable loan claims by educating them about budgeting before they go to university.

Author of Leaving Home and freelance journalist Glynis Kozma said mums and dads should teach their offspring how to cook meals that are cheap and healthy, economically use a washing machine and understand the expenses involved in utilities.

"Not all students have parents who budget wisely themselves, so ultimately it is down to the student," she noted.

Some youngsters could be more susceptible to making credit card claims than others, as the specialist revealed that people who went to boarding schools can often find it harder to adjust to taking care of their own finances.

However, Ms Kozma noted many of these educational establishments "include finances as part of the sixth form curriculum" in recognition of this fact.

In a recent MoneySupermarket.com poll, 73.7 per cent of respondents said that financial education should be compulsory in schools.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801468260-ADNFCR



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