Apr 28 2008
The Archbishop of Canterbury Dr Rowan Williams has called for more financial education to be offered to young people around the UK.
Dr Williams has urged the government to promote the introduction of personal finance lessons, which he is convinced can help children avoid money problems in their later lives.
Many children leave school with a limited understanding of how savings vehicles can be used and how best to borrow money without becoming heavily indebted, the archbishop told the House of Lords.
He went on to suggest that Credit Unions can play a part in helping UK consumers avoid unmanageable debt and he noted that these organisations offer child trust fund and individual savings account products, as well as loan deals.
"There is an urgent case for more support for financial education in schools," he said.
Meanwhile, a Scottish Widows study recently suggested that billions of pounds are now being borrowed each year in the UK by parents from their adult children.
