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Pupils learn to avoid debt problems
12/07/2010
Pupils learn to avoid debt problems
A new GCSE in personal finance is aiming to teach children money skills so that they can avoid debt problems in the future and give them some understanding of debt solutions such as an IVA or Debt Management Plan.
The new course lays particular emphasis on saving and managing money and also tries to give a basic understanding of shares, unit trusts and how the stock market works.
The curriculum states that "Candidates should be able to recommend suitable methods of saving, and other financial products for different situations, and to justify their recommendations, appreciating the risks and rewards of each method."
It also touches on the subject of unemployment "Candidates should understand how the supply of labour is affected by a person's decision to work or not to work...[and] the reasons why the duration of unemployment might vary between individuals."
As part of the course pupils are given a budget made up of 'credits' that can then be 'spent' on various theoretical options such as a small or large house or bikes rather than cars. By learning which things they can afford to spend their credits on and which things are too expensive, it is hoped that they will get some idea of how to manage money.
Rachel, a school pupil, told the Independent "When I was told we would be doing it, I thought it would all be about things I didn't really need to know about right now – things for later in my life, like saving and borrowing and mortgages,"
"Now though, I can see that it applies to all of us right now. For instance we've just been learning about recessions, and why Britain has got into one – which affects everyone."
If you think that you could use some advice for your debt problems, then call ClearStart today to see how we can help to reduce your debt.
If you owe more than £3000 on unsecured loans, such as credit or store cards, then ClearStart can negotiate with the people you owe money to and try and lower your repayments.
As well as Debt Management Plans we can also offer the full range of debt solutions such as an IVA, a Debt Relief Order or Consolidation Loans.
So call ClearStart today to see how we can help you get rid of your debt and let you live life without the burden of debt hanging over you.
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