Post by Queen of the Damned on Jan 4, 2010 23:53:10 GMT -5
* Anushka Asthana
* The Observer, Sunday 3 January 2010
The government has released the details of new compulsory lessons for children on managing their finances as adults.
From 2011, five-year-olds will begin with lessons on how to save money in a piggy bank. While at primary school, they will be taught about current and savings accounts and how to budget. In secondary school, the lessons will move on to credit cards, mortgages and loans, with specific warnings about debt.
The move follows a study by the Institute for Social and Economic Research that found being unable to manage money harms a person's wellbeing. Ed Balls, the children, schools and families secretary, said: "It's really important that we teach our children about pensions, responsible saving and effective money management."
Martin Lewis, creator of MoneySavingExpert.com, said: "Finally we're getting somewhere. We encourage our youth into debt when they go to university, but the disgrace is we've never educated them about debt. "
www.guardian.co.uk/politics/2010/jan/03/children-taught-perils-of-debt
