Debt Lessons for School Children

The Government has announced that children from the age of 5 in the UK will be given money management lessons at school in the hope that this will prevent debt problems later on. In the third quarter of 2009, the UK saw personal insolvencies hit a record high, with more individuals than ever before in a three month period being forced into bankruptcy, a debt relief order or an IVA (formal debt restructuring).

But will teaching children really help with the massive debt problem in the UK? Or is it just another way of forcing five year olds to grow up all too soon? Well of course the critics say that five is way too young. But of course they’re not going to be sitting kids down and going into advanced debt management tactics with them. I imagine that they will be making money and budgeting approachable and fun for an audience of children. And I for one, think that this is an awesome idea. The debt problem is out of control and up until now there’s been no formal guidance for people. When we have problems with teen pregnancy or STDs, what do we do? We bring sex education to younger children. So why, when we are experiencing massive personal debt problems, would we not bring in money management classes for children?
Makes sense, if you ask me.