Tracey Bleakley, the Personal Finance Education chief executive, stated during an interview with the Chelmsford Weekly News that financial education should be offered to every UK school. She explained that this would help youngsters learn how to take care of their own money and also help stop them from getting into debt as they get older.
The hope would be that individuals would learn better savings methods so that if the economy takes a turn for the worse later they will be adults that are better prepared for the situation. Bleakley explained that there are too many people that are leaving school and having a hard time finding work. Even worse is that most of these people leave school; without the proper skills that they need to learn to manage their money so they are faced with two problems at once.
She suggested that if young people have the skills they need to properly deal with their finances they will be able to thrive and survive a bit better. For instance, if individuals find that they are about to go into arrears, a debt management plan should be the next thing that is considered. At this point they will be able to consolidate all of their debts into one monthly payment that they can afford. The qualifications include debts that measure higher than £1,500 and debts that are owed to more than one person.
The advice comes after a Santander project that found that financial training will help people when it is offered to them. The project included one on one sessions that were offered to social housing residents so that they could improve their financial situations.