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The odds are in your favor that your financial future involves some sort of debt. The question of course is how much debt are you taking on and what are your plans to get out of debt. Do you even have plans to get out of the debt or have you taken on this debt blindly like a lot of people of this generation. If so there is a growing need and evidence to back up the fact that financial debt has become a bigger factor for parents to teach children then safe sex or continued education. Be sure to read the article after the following video and leave your comments at the end.
Record High Consumer Debt (CBS News)
Technorati Tags: Debt Problems, Consumer Credit, Counseling Service, Consumer Debt, Consumers Debt
Prepare Your Kids for a Debt Free Future
According to research carried out by Engage Mutual Assurance, many parents consider warning children about debt to be more important than educating them about sexually transmitted diseases, racism or religion. The rising costs of living and growing uncertainty about the financial outlook has increased parent’s concern.
According to figures compiled by the Consumer Credit Counseling Service on behalf of the BBC, the number of people seeking help for debt problems has risen five fold in the past five years. In the first two months of this year alone almost three quarters of Citizens Advice Bureau reported dealing with 215,000 new debt. It is not surprising therefore that parent’s feel the need to inform their children about the problems associated with debt.
Engage Mutual Assurance surveyed 2,000 adults with children under 18 and found that 81% of parents are making a conscious effort to talk to their children about money matters in order to prepare them for adult life. Debt is the most common financial topic of parental education (64%), followed by saving for the future (62%). The only ‘facts of life’ to be considered more important were drugs and alcohol (78%), personal hygiene (74%), talking to strangers (73%) and ‘the birds and the bees’ (71%).
These fears are understandable considering the current economic uncertainty. Commenting on the recent collapse of the Bear Stearns bank, which has had repercussions across the globe, Melanie Mitchley, Director at Callcredit says: “Since the Northern Rock crisis and the signs of a troubled economy, a quarter of all UK consumers have become more concerned about their finances and understandably, their confidence has been shaken. This latest development is an opportunity to encourage all consumers who both save and borrow to assess their current financial health, and crucially, not take on additional credit they can’t afford.”
She adds: “In an attempt to avoid debt, consumers need to move away from the ‘buy now, pay later’ attitude and move towards the ‘save now, buy later’ mentality.” This is sound advice that maybe all of us should pass on to our children.
“The fact that so many parents are prioritizing talking to their children about money is a reflection of the increasing strain families are finding themselves under to make ends meet,” comments Karl Elliott, 3GB spokesperson for Engage Mutual Assurance. “It is encouraging that so many parents are choosing to talk to their children about money. The needs of the modern family are changing, and it’s important that children are prepared for the financial pressures of adulthood.”
Carole is an author of several articles pertaining to Mortgages, Insurance, Loans, Debt, Credits, Van Insurance, Life Insurance, Health Insurance, Bike Insurance, Car Insurance and other Business and Finance articles.
One Comment
just checking the website & got the cute subject
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Consumers Debt – Teach The Next Generation Our Mistakes…
Many parents consider warning children about debt to be more important than educating them about sexually transmitted diseases, racism or religion. Good video clip on consumer debt problems….
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