Education `key to ending debt woes`

Youngsters in the UK "need a foundation of financial education" during their school days as it could help prevent them from getting into debt later in life, according to educational charity pfeg.

Alastair Mathews, director of policy at pfeg, says that the organisation believes basic financial education needs to be a "core and assured part of the National Curriculum", as it could lead to good banking practices in the future.

The role of pfeg is to help equip young people with the financial skills and knowledge they need before they leave school, and Mr Mathews states that the charity`s approach is to emphasise the need for financial education.

"We think [financial education] should start with quite young children because attitude formation starts quite early and, even though this is very basic - about the use of money and keeping it safe and saving it - it all helps to set the attitudes in the right direction," said the director of policy.

He adds that the level of learning should increase as the children get older.