Tories launch debt management strategy
Published On 21 November 2006
The Conservative Party has proposed a greater emphasis for school pupils on financial management to avoid the growing levels of debt in the UK.Tory shadow chancellor George Osborne spoke at a debt summit yesterday and said there was a strong argument for pupils aged from 11 to 18 to receive money management lessons at school.
He said: "Insolvencies are up, bankruptcies are up, and the numbers of people struggling to cope are up.
"This isn't just a problem for the people caught up in rising debts. It's a potential problem for everyone.
"An economy built on borrowed money is an economy built on borrowed time."
Sue Regan, chief executive of consumer debt group the Resolution Foundation, welcomed the Conservative's new proposals.
She said: "Just as in health, where the emphasis is on prevention as well as treatment, the best way of tackling debt is to stop it getting out of control in the first place.
"Our research shows that increasing access to financial advice could dramatically reduce financial stress and enable them to take preventative action before they reach crisis-point."
