As part of a new curriculum children in schools across the UK will be learning about effective financial management and learning how to stay out of debt. Although the adults of today cannot imagine learning this type of topic at school, the levels of consumer debt throughout the UK have been cause for great concern and many are concerned that without relevant education in the field many of today’s kids could end up in debt before they have even hit their twenties.

Children as young as eight will now be learning about managing finances and avoiding debt. A book that is being used to help educate the kids is called On the Money, and contains a range of stories that have one valuable lesson to teach kids – to stay out of debt. The stories will encourage children to think about the consequences of stretching finances and getting into debt, and educators hope that it will enable kids to realize that steering clear of debt is important.

Having read the book one student stated: ‘We’ve learned that you don’t always need to spend your money straightaway. If you put it in the bank and get interest, you end up with even more to spend.’ Another said: ‘Using credit cards too much is bad and you can get into debt.’

Many officials from different financial fields have encouraged this type of education and feel that it will greatly benefit children, helping them to enjoy a more prosperous future.

One industry professional stated: ‘Attitudes to money develop early in life. At this stage, financial education is not about teaching the difference between a direct debit or a standing order. It is about instilling concepts like budgeting, saving and enterprise.’