Generation debt: UK 'below average' at teaching financial literacy
Kirsten Louise Jones, University of Huddersfield Personal debt has reached record levels in the UK. Latest statistics show that people in the UK owe £1.58 trillion. This is up from £1.53 trillion in 2017. This means on average that each adult owes an extra £1,169.92 in 2018 compared with 2017. The findings also show that the average total debt per household – including mortgages – is just over £58,000. To have an understanding of the importance of budgeting and the impact and real cost of debt is an essential life skill. And one primary school in the UK is trying to tackle this issue head on. It has set up its own bank to teach children about money . But is it the school’s job? The government thinks so – financial literacy has been part of the national curriculum in English schools since 2014. But even then, this curriculum is not compulsory in academies, private schools and faith schools, so some children could miss out. And a recent OECD report found that the UK is...