| A report recently published by Credit Action, a national | | | | accumulate significant debts in the near future. |
| money education charity, shows that by the end of | | | | However, despite the concern - 30% of parents do |
| February 2007, personal debt in the UK reached | | | | not discuss debt or credit at home with their children. |
| £1,310 billion - up by 10.5% since February 2006. In | | | | Nearly, 22% believes that their children are not |
| total, there is £116 billion more personal debt now | | | | interested in financial matters and 48% do not want to |
| than a year ago. | | | | "appear like a nag". |
| Another financial report reveals that consumer debt is | | | | Industry experts - including charitable organisations - |
| increasing at a rate of £318 million per day and | | | | have started urging people to be more open about |
| that roughly 300 people in the UK have to seek an | | | | debt problems. Derek Oakley, the insolvency director |
| IVA or declare themselves bankrupt every single day. | | | | at Debt Free Direct, said that the only way to deal with |
| According to Citizens Advice, a registered charity for | | | | financial ignorance is to talk and learn about the facts. |
| legal and financial advice, people are becoming | | | | According to Martin Lewis, the creator of - "Sadly in |
| increasingly worried about their personal debt problems | | | | the UK, money is often a taboo subject, which adds to |
| and that it deals with 5,300 debt problems each day. | | | | the huge problem of financial illiteracy in the UK. It's time |
| A sample survey carried out by the Department of | | | | all parents and students started talking, considering their |
| Education and Skills indicates that debt problems will be | | | | cash, understanding how the system actually works |
| more severe for the current generation of teenagers, | | | | and discussing how to live within a budget… Do |
| as they are 'disturbingly financially illiterate'. | | | | that and there is no one who should be put off |
| Their report shows that 40% of the young generation | | | | entering higher education because of worries about |
| in the UK is not aware of the real meaning of APR | | | | student debt." |
| and that 25% of the 16 to 21 years old believe that | | | | Expressing his concern on the issue of teenage debt - |
| store cards offer better value than credit cards. | | | | Bill Rammell, the minister for higher education, recently |
| The report also shows that 83% of parents are | | | | said that besides common societal topics, parents |
| apprehensive about their children's understanding of | | | | must discuss money matters too. |
| financial matters and feel that their children will | | | | |