Over half of nation's teenagers feeling the pinch of debt
Published On 13 February 2007
Over half of the UK's teenagers are feeling the pinch of debt by the time they are 17, according to a new study. Research from the Personal Finance Education Group (pfeg) discovered that with levels of consumer debt now passing the £1.25 trillion barrier in the UK, there is a distinct debt pattern emerging in the country from an early age.
Nine out of ten teenagers in the study said they have concerns about their money and spending while one in four said the purpose of an overdraft was so they didn't have to worry about overspending each month.
Wendy van den Hende, pfeg spokesman, said: "We owe it to our young people to ensure that they have the financial acumen to deal with the responsibilities of being an adult. That's why personal finance education is absolutely vital in schools.
"We firmly believe that incorporating financial education into the existing school curriculum in a way that is relevant to young people's lives is the best way to help them gain and retain the financial skills they need for the future.
"Personal finance can be tied into a whole range of existing subjects from maths to English and doesn't have to mean extra work for already over-loaded teachers."
Some 23 per cent of 18-year-olds said a credit card was something to be used to buy goods and services.
