| When we look at the statistics of debt in
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| | for their lending systems which seems to
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| the UK do we consider the effect this has
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| | make obtaining credit easy, and the
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| on our everyday lives and country as a
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| | Government for allowing so much
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| whole?
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| | advertising of credit, but once we have
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| - Britain's personal debt is increasing
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| | experienced financial difficulty
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| by £1 million every four minutes.
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| | ourselves and know the implications, then
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| - The total credit card debt in April
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| | it is up to us to do something about it
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| 2006 was £56 billion!
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| | and to educate and empower our younger
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| - 39% of Brits overspend on their credit
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| | generation to not follow in our
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| cards on day-to-day purchases
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| | footsteps.
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| It is clear that Britain is in debt, but
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| | Getting Somewhere
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| just how much thought do we give to this
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| | The good news is, the Financial Services
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| and the implications?
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| | Authority (FSA) are working with the
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| We rely on businesses and businesses rely
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| | Dept. for Education and Skills, the main
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| on us.
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| | curriculum agencies and other
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| A business provides jobs only as long as
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| | organisations to help teachers deliver
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| it is making a profit. In order to make a
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| | personal finance education.
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| profit, a business needs sales. Without
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| | The Personal Finance Education Group
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| sales, there is no business, no job and
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| | (PFEG), funded by the FSA and the Dept.
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| no income. Not only for the manager
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| | for Education and Skill, aim to promote
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| director but also for the employee.
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| | and facilitate the education of all UK
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| If Britain is a nation in debt then
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| | school pupils about financial matters.
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| surely businesses and households across
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| | The Department for Education and Skill's
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| the nation will feel the effects. People
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| | guidance suggests that schools teach:
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| can't spend what they don't have, and if
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| | - 5-7 year olds, that money comes from
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| people are not spending, then businesses
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| | different sources and can be used for
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| are suffering.
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| | different purposes
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| Incredibly the number of people earning
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| | - 7-11 year olds, to look after their
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| more than £30k a year asking for
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| | money and realise that future wants and
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| financial help has risen by 275% in the
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| | needs may be met through saving,/li>
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| last 3 years!
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| | - 11-14 year olds, what influences how we
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| Encourage and Educate
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| | spend or save money, and how to become
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| It is becoming clear that we need to be
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| | competent at managing personal money
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| educated when it comes to our finances.
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| | - 14-16 year olds, to use a range of
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| We need to be encouraged to become fully
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| | financial tools and services, including
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| aware of what we are getting into when we
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| | budgeting and saving in managing personal
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| take out loans or spend on credit cards
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| | money
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| rather than get caught in the debt trap.
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| | The Solution Before The Problem
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| Because we cannot predict the future, we
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| | It is encouraging that the focus to
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| do not know whether we will be caught out
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| | educate young people is in the pipeline,
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| or not, so it is essential we are brought
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| | however, surely the questioning of how
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| round to the way of thinking that, if we
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| | much freedom creditors have to advertise
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| can't afford to pay for it now, then we
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| | their services needs attention? Daytime
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| should save up for it.
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| | television is full of advertising for
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| Of course, for many people it is too late
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| | loans and credit cards, and how many
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| for this kind of thinking, but not for
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| | letters do we get through our doors for
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| our younger generations.
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| | loans and credit cards, tempting us to
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| From our own experience, should we not be
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| | take out credit?
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| thinking of educating our young people
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| | These are areas that also need
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| regarding the implications of taking out
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| | consideration. If things continue as
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| credit if all goes wrong?
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| | they are, then the nation will continue
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| 29% of 16-24 year olds said they would
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| | to feel the repercussions of debt. More
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| not know how to prepare and manage a
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| | and more businesses will fail and more
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| weekly budget.
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| | and more people will be out of work
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| 62% of young people said if they get into
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| | It is imperative that the Government look
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| money trouble of debt, they would not be
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| | at the whole picture as well as thinking
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| able to name any advice or support
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| | about ways to handle financial difficulty
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| services they could turn to for advice.
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| | and educate our young people. They need
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| Bankruptcies among 18-29 age group have
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| | to take a long hard look at the credit
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| more than doubled in the last 4 years!
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| | lending system and advertising campaigns
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| Surely this spells something out to us?
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| | to change the way people look at credit
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| Take A Stand Against Debt
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| | and to realise the implications of taking
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| Its great that we have Debt Management
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| | out credit should all go wrong. Over
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| Companies such as Payplan to turn to when
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| | indebtedness not only affects your
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| we find ourselves struggling with our
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| | finances, but also has a great emotional
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| financial situation, however, it would be
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| | impact on your life. We cannot just rely
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| much better if there wasn't a need for
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| | on the Government to deal with it, we
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| companies such as these.
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| | need to take a stand ourselves to stamp
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| We could continue to blame the creditor
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| | out debt in our nation.
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