Parents can help kids' debt management
18/11/2010UK parents have been urged to offer advice to their children on how to handle money, in order to prevent them falling into a debt spiral in years to come.
In a bid to help the customers of tomorrow avoid making the mistakes of today, M&S Money says the 19 per cent of consumers who have never discussed finance with their young ones must take responsibility.
The research found that another 32 per cent have never talked about how a budget works - while more than one in five adults admit they have never discussed savings.
M&S Money says a key way in which parents can educate their children is to tell them the difference between good and bad debt solutions, as they will be offered credit cards when they become adults.
Debt specialists have long been calling for youngsters to receive lessons and advice on financial planning, which would include how to avoid building up credit card debt, which could result in the need for debt help.
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