Parents 'are trying to teach children about debt'
Published On 19 March 2008
Parents in the UK are increasingly trying to talk to their children about debt and other financial issues, a new study has revealed.Research from Engage Mutual Assurance found that 81 per cent of parents now make a conscious effort to talk to their children about money matters in order to prepare them for adult life.
In particular, 64 per cent said they are trying to educate their kids about debt so that they do not need products like IVAs in the future.
"The fact that so many parents are prioritising talking to their children about money is a reflection of the increasing strain families are finding themselves under to make ends meet," explained Karl Elliott, the 3GB spokesperson for Engage Mutual Assurance.
"It is encouraging that so many parents are choosing to talk to their children about money. The needs of the modern family are changing, and it's important that children are prepared for the financial pressures of adulthood.
"In considering how they approach the subject of money with their children, we would encourage parents to involve them as early as possible."
Figures from Credit Action indicate that UK personal debt at the end of January 2008 stood at £1.41 trillion, up 9.1 per cent on the previous year.
