Britain 'has lost its savings culture'
Britain has lost what used to be a culture of saving and an aversion to debt, according to Alistair Mathews, director of policy at the education charity pfeg.
Mr Mathews is convinced that there has been a growing trend towards taking on personal loans to fund expenditure and an increasing tendency for British consumers to avoid saving for long periods.
"We have a changing culture from the traditional British attitude of wanting something and saving for it - where maybe you waited for half a lifetime for it - to now, where the feeling is 'if I want something, I'll have it and I'll think of how to pay for it later'," he said.
"Young people, more than ever, need a foundation of financial education while they are still at school."
The Treasury recently revealed its plans to encourage greater involvement with child trust funds saving schemes through voluntary and charitable bodies across the UK.
