May 15 2007
New research demonstrating that close to 80 per cent of British consumers regularly overspend has prompted calls for the government to address the need for greater financial awareness around the country.
The government has introduced the child trust fund (CTF) programme, which aims to give young adults a solid financial start, but the ifs School of Finance insists that money handling skills ought to be taught in schools across the country.
Anne Kiem, director of external affairs at the ifs School of Finance, commented: "The ability to make informed financial decisions is a crucial life skill for all, no matter what income, class, background or type of career you may wish to pursue."
"It should therefore be possible for all young people to have the opportunity to gain such skills and we hope the government will soon recognise this," she added.
The recent consumer spending survey was carried out by Credit Expert and found that almost a quarter (24 per cent) of people in the UK consider financial issues difficult to understand.
Introduced in 2002, the CTF allocates each baby born in the UK an account containing £250, which cannot be accesses until that child turns 18 years old.
