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Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive` School focuses on "curing Ireland`s debt disease"

Finance lessons: understanding money and debt a `key part` of life

02/11/2009

Life insurance broker Lifesearch is planning a petition which would urge the Government to introduce `properly structured` personal finance lessons in schools, according to ftadviser.com.

Commenting that "anyone who does not protect themselves against the financial effects of physical disaster is barking mad", Managing Director Tom Baigrie wants the public to understand the need for cover against `personal financial catastrophe` - i.e. losing their income as a result of death, disability or unemployment.

"Is it any wonder that we have a mountain of personal debt when we can open a bank account at 16 without having the slightest clue what it means to save? Or take out a mortgage at 18 without a clue about debt or financial protection?" said Mr Baigrie.

"There is an appalling lack of financial education in UK schools yet understanding how money and debt work is a key part, and major source of stress, during every adult`s life," he continued.

Colin Parkin, director of IFA Ample Financial Services, agreed that it was an excellent idea: "How else do you learn about personal finance? If schools did it four or five generations ago we would not be in the mess we are in. Most parents are not very good at their own finances and you learn from your parents."

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Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in