Kids' Debt Management Lessons

In the UK we could certainly use a lesson in debt management, given that the total amount of personal debt is one and a half TRILLION pounds and in 2009, over 134,000 people became insolvent. This severely lacking personal finance sense is something that the Government is planning to try to resolve but not amongst the over 18s!

Our poor spending habits are something that the UK Government has recently announced plans to try to rectify. Money management lessons are going to become compulsory in schools as part of Britain's National Curriculum. In fact, school pupils from the young age of five years will be faced with non-optional personal finance lessons, presented in a way that makes them child-friendly and easy to grasp.

This has, as you'd expect, prompted joy and delight from the debt charities and other groups who have been crying out for such an addition to education. At the other end of the spectrum though, people cry out about us taking innocence away from childhood and how five is simply too early to begin learning about this. If it's made fun and accessible however, money management lessons for very young children have the potential to greatly reduce the number of debt problems in coming years.

But what about the grown-ups, Gordon Brown? Are there to be no provisions of such "lessons" for the adults? It's the 18 plus population that accounts for all the debt, yet there are no plans to offer anything on a large scale for the adults. Of course the Government wouldn't be able to drag every single man and woman back to school for a compulsory lesson with the abacus, but surely a wise idea would be the introduction of large scale optional courses in money management, in the very least in the towns and cities with the highest rate of debt problems?

While one to one debt counselling sessions are widely available through the Government debt advice scheme, no large scale "classroom," type of setup yet exists for adults. There is no denying that it would be a pricey scheme to set up. But would it really amount to as much as the cost of personal debt will be over the next twenty years? Probably not.

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