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Teaching the kids how to handle money

In schools today we teach children about maths, about careers, about languages and many other elements which may or may not be used in their later life. However, there is a distinct lack of financial appreciation once many children leave school and move into the big world where they are left to fend for themselves. In reality, it is up to parents across the UK to educate their children about everyday life, the costs associated with living and how to appreciate and respect money.

Even though we are in the middle of one of the worst downturns in the UK economy for some time, more and more young adults are taking on significant debt which they can ill afford to repay. Many do not appreciate that the debt they take on today could still be with them in two years, five years or 10 years and become something of a millstone around their neck. While we have seen a reduction in the number of credit card applications posted to many young adults across the UK, overdrafts and "small" loans are still being offered to those who have just left school, college or university.

Even the brightest minds in the world have difficulty appreciating and respecting money as this is something which needs to be taught at a very early age. Could you trust your children to handle their own finances after leaving school?

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