Think Money

Think Money

November 12, 2010 12:27 ET

Good financial education starts at home

LONDON, UNITED KINGDOM--(Marketwire - Nov. 12, 2010) - Financial solutions company Think Money has reminded people of the importance of education when it comes to money issues, commenting that there is a lot parents can do to give their children a good financial start in life.

The comments come after research by M&S Money found that a third of parents believe their children will be less equipped to manage their finances than they are, while a quarter feel it will be easier for their children to get into debt in adult life than it was for them.

Almost a fifth (19%) said that "too much jargon […] and not enough practical guidance in schools" means children will be less able to understand and deal with their own finances when they are older.

An expert at Think Money commented:

"The events of the past couple of years have really highlighted the fact that many people do not have a thorough understanding of financial issues, especially when it comes to debt.

"A lot of people took on debt that they just couldn't afford to pay back, and this has led to sharp rise in insolvencies and uptake of other debt solutions, such as debt management plans.

"Many people blame a lack of financial education in early life for their problems. The government has pledged to improve financial education in schools, which should help to some extent.

"But parents can also do a lot to educate their kids on how to manage their money. Something as simple as weekly pocket money can teach children a lot about how money works and the benefit of saving up in advance for more expensive purchases."

Notes to Editors

Think Money is one of the UK's leading financial solutions providers, delivering a comprehensive range of financial solutions, including loan, insurance and banking solutions.

Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.

For more information, visit the Think Money website at http://www.thinkmoney.com/.

Think Money debt management section: http://www.thinkmoney.com/debt/debt-management/

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