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Overspending Brits 'need educating'

Britons have a "serious lack of understanding" about financial matters, an expert has claimed.Financial advice website CreditExpert's manager director, Jim Hodgkins, made the comment in response to a survey conducted by financial market research firm Experian showing that 80 per cent of Britons admit to regularly overspending.The survey revealed that 24 per cent of Britons said they found their spending hard to control while ten per cent admitted to missing payments on credit cards, store cards, loans or mortgage repayments.Furthermore, nine per cent said they had taken out a credit card to pay off a debt on another credit card."What this research seems to expose is a serious lack of understanding of the long-term consequences of these actions and how it can affect your credit rating â€" ultimately impacting your financial future," Mr Hodgkins commented."We feel it's imperative that people fully realise the implications of not managing their finances properly." Some feel that the only way to resolve this lack of education is by introducing a personal finance GCSE into the national curriculum. The qualification is currently available in over 200 schools, having been introduced in September last year.

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