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Engage: Share your money worries with the family

Children should be taught about financial matters by parents in order to help them budget well in the future, Engage Mutual Assurance said yesterday.

Research carried out by the firm shows that money worries are already popular topics of conversation within families - with 81 per cent of parents saying that they are making an effort to teach their children about taking care over finances.

Engage also found that debt was the most popular subject of these talks, closely followed by savings.

A spokesman commented: "The fact that so many parents are prioritising talking to their children about money is a reflection of the increasing strain families are finding themselves under to make ends meet.

"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."

According to figures released last year by Credit Action, the current overall level of personal debt in the UK - including bad credit loans, unsecured loans and home loans repayments - is approaching £1.4 trillion.

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