We’re in need of some serious debt management and personal spending habits education here in the UK. The reason that this is a fair statement becomes clear when you consider our amassed personal debt of 1.5 trillion and the 134,000 people who became insolvent last year.
Our poor spending habits are something that the UK Government has recently announced plans to try to rectify. Money management lessons are going to become compulsory in schools as part of Britain’s National Curriculum. In fact, school pupils from the young age of five years will be faced with non-optional personal finance lessons, presented in a way that makes them child-friendly and easy to grasp.
This has, as you’d expect, prompted joy and delight from the debt charities and other groups who have been crying out for such an addition to education. At the other end of the spectrum though, people cry out about us taking innocence away from childhood and how five is simply too early to begin learning about this. If it’s made fun and accessible however, money management lessons for very young children have the potential to greatly reduce the number of debt problems in coming years.
But what about the grown-ups, Gordon Brown? Are there to be no provisions of such “lessons” for the adults? It’s the 18 plus population that accounts for all the debt, yet there are no plans to offer anything on a large scale for the adults. Of course the Government wouldn’t be able to drag every single man and woman back to school for a compulsory lesson with the abacus, but surely a wise idea would be the introduction of large scale optional courses in money management, in the very least in the towns and cities with the highest rate of debt problems?
There is no doubting, however, that this would be an expensive service to provide. But would it be as expensive as tackling the debt problem in the coming years? I somehow doubt it.
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