Banking and Financial News

Parents may need help to financially educate children, says Moneywise - 05/02/2008

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Personal finance publication Moneywise is calling on parents to take their children's financial education upon themselves.

Editor Rachel Lacey said that it is "absolutely, definitely" the responsibility of parents to educate their children on money matters.

However, in her opinion there is a stumbling block for parents. "As we can see from the problems at the moment, parents just don't have that knowledge themselves," Ms Lacey commented.

The editor said that students who participate in personal finance education programmes at school often go home and discuss monetary issues with their parents.

"Students are actually going home and talking to their parents about money and telling them how to go out and how to choose an insurance policy, how to choose a credit card," she added.

According to Ms Lacey, parents "just don't know" this information and as such they are not in a position to impart financial knowledge to their children.

Moneywise magazine has recently launched a Kids and Cash initiative, which is a campaign aimed at urging the government to incorporate personal finance education in the National Curriculum.

The publication argues that the introduction of personal finance alongside core subject areas such as science, history and geography could help prepare children better for adulthood from an early age.

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