Personal finance qualifications for teens 'a success'

28/01/2009

Britain's teens' financial education is getting better, it has been claimed.

A study, released today by academics at the University of Manchester, said that sixth-form students who took a certificate course in managing their money from financial charity ifs School of Finance.

The research found that those who studied for their certificate became much more responsible about their personal finances.

Around 95 per cent were found to still show improved knowledge about money matters up to two years after having completed the course.

Rolling out the ifs programme could have big implications for the "broke Beckham" generation - youngsters who risk getting into debt by funding a lavish lifestyle on a small income.

Commenting, Nick O'Reilly, president of the insolvency trade body R3, said: "I am in no doubt that we are reaping what we have sown in terms of personal debt levels, and this will continue unless we change our behaviour.

"I wholeheartedly endorse the idea of qualifications in personal finance, such as those offered by the ifs School of Finance. On a day-to-day basis, financial education is something that people would use above any other qualification."

The progress of 3,000 students over a three-year period was tracked by the academics over the course of the study.

Tags; Budgeting Advice, Recent Graduate Debt,

Regional Debt Advice; Debt Advice Chester, Debt Advice Manchester,

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