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Children 'need practical financial education

Children need to be given practical advice on financial topics, according to one educational charity.

Giving young people purely theoretical advice on loans and debts is not enough and should be supported by practical guidance, the Personal Finance Education Group (pfeg) has said.

In order to reduce the chances of young people developing debt problems later in life, they should be supported through practical financial decisions, explained the organisation's director Alastair Mathews.

He commented: "pfeg do not advocate a purely theoretical approach to financial education - we have always said that it's important, in giving the financial education that young people need… that they get practice of financial decision making."

Asking GCSE of A-Level students to plan a budget for university and then offering feedback was one practical lesson suggested by Mr Mathews.

Recent research from environmental charity Forum for the Future and university application association UCAS found that 12 per cent of young people going to university this year plan to invest their student loans in high-interest savings accounts.

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