Kids' debt scheme launched by Duncan Smith

21/10/2008

Parents are to teach their children about managing their personal finances, under a new scheme launched yesterday.

The programme, called "Quidz in - raising financially confident kids", covers saving and spending - with a particular focus on whether or not it's worth purchasing fashionable consumer goods.

It is hoped that it will help to put an end to the "broke Beckham" culture, which sees young people living beyond their means through using credit - and risking falling into debt in the process.

Care for the Family, a charity, and the Centre for Social Justice have provided backing for the scheme, aimed at eight to 15-year-olds.

Quidz In has received support from Iain Duncan Smith.

The former leader of the Conservative party now devotes much of his time to charitable works - and chairs the Centre for Social Justice.
Speaking to the Daily Telegraph, Mr Duncan Smith said: "The course is aimed at parents of children…more than 80 per cent of children turn to their parents for advice on financial matters.

"It will teach parents, and therefore their children, to have a far better understanding of saving, weekly budgets, good debt and bad debt, and the differences between wanting a new pair of trainers and needing them."

Figures from charity Credit Action suggest that total personal debts in the UK exceed £1.4 trillion.

Tags; Income Worries and Debt, Young Family Finances,

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