Stockton North MP Alex Cunningham is calling for all young people to have access to financial education and support following an event in Parliament in July. Alex met with school children and young adults from across the country, who were there to discuss their thoughts and worries about debt with MPs and Martin Lewis of MoneySavingExpert.com.
Alex said:
“Talking to young people and hearing what they have to say, it is clear that many are worried about getting in to debt and they want more support and advice so they can avoid the pitfalls.”
“Debt is a huge issue in Stockton North. In this area alone Citizens Advice Bureaux dealt with 8,313 debt issues last year. If we don’t educate our young people now, we are storing up problems for the future. ”
pfeg (Personal Finance Education Group) and Healthy Schools South East consulted with a group of young people aged 11 – 17 years old about what money means to them and what they want to learn about it. 73% of those young people wanted to learn more about loans and debt. 82% have borrowed money at some point and 56% of those consulted see credit cards as a practical solution to buying things online.
Schools, colleges and community organisations have a really important role to play in teaching young people both how to manage their money and what their rights and options are when things go wrong. There is a need to ensure that young people are aware that free, independent advice is available from organisations like the Citizens Advice Bureaux.