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Young People To 'Benefit From Financial Guidance Classes'

Oct 13, 2007
Young people are set to receive guidance from industry professionals on how to manage their money, it has been revealed.

The pilot scheme, run by R3 - the Association of Business Recovery Professionals - will see insolvency experts take part in special classes giving 16 to 18-year-olds more information about various financial products such as credit cards and personal loans. And in doing so, it is hoped that students will be able to adopt a more responsible attitude towards loans and other types of borrowing later on in life.

Nick O'Reilly, a partner at accountancy firm Vantis, is set to visit the Beaumont School in St Albans to help support the project. Commenting on the scheme, he said: "In the modern world, financial education is vital. Financial products are becoming increasingly complex, yet the level of knowledge and comprehension remains the same. We have a duty to support our young people to understand the financial world, to help them make the best choices and avoid the pitfalls that so many people are currently falling into."

Mr O'Reilly added that by highlighting "what can happen when personal finances are mismanaged" the scheme could help more people adopt a sensible approach when paying back loans and handling other areas of their finances when they get older. As a result, it was suggested that the provision of such financial education may see consumers avoid the "misery created by overwhelming personal debt" - which could include difficulties in making loan and credit card repayments.

In addition, the pilot scheme is to incorporate a variety of materials, created for specific use in the classroom, which are catered towards helping attendees think more about budgeting and considering the "realistic values" of financial goods and services. Meanwhile, the classes are to consist of students studying GCSE, AS and A-level courses in financial capability, which are run by the ifs School of Finance.

However, this is not the first time it has been suggested that there is a need for greater financial education among consumers. Earlier this year, Julia Dallimore, marketing director for Picture Financial, reported that although most Britons are "comfortable" in terms of managing their money and making loan repayments, there are a number of people who do not understand the terms and conditions of the monetary products that they are taking out.

In turn, Ms Dallimore reported that a greater provision of financial education may see borrowers become more responsible when looking to apply for a loan and regularly take the time to review their economic standing. The director also asserted that those consumers deciding to take out credit should not only be "completely clear" about what they wish to achieve by borrowing but should also ensure that they will always be in a position to meet monthly demands for repayment. Meanwhile, those looking to take out debt consolidation loans, so as to reduce their level of indebtedness and boost how much disposable income they have at the end of the month, were urged to make sure that they opt for a respectable provider.
About the Author
Steve Smith writes for 1 Stop Finance Shop, where our visitors have access to all types of finance from payday loans and unsecured tenant loans, to self employed loans for homeowners.
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