A survey published two years ago by insurance company Prudential showed that 15 per cent of young people thought an ISA was an accessory for their iPod. The poll revealed a general picture of financial ignorance among the young.
Does it matter? Well, look at the UK's phenomenal debt statistics. Total personal debt broke the £1 trillion barrier in July 2004. Average household debt, even before mortgages, is approaching £8,000, while many students starting higher education courses this month can expect to finish owing around £20,000. As a result, financial literacy among young people is assuming ever-greater importance.
Many banks produce materials for those working with young people. The Royal Bank of Scotland group, for example, has a programme called Face2Face with Finance. Visit www.rbsf2f.com for modules for working with 11- to 14-year-olds, 14- to 16-year-olds and 16- to 18-year-olds. It also offers educational material, from simple stuff about how banks work, to case studies that can be used in helping young people prepare for independence.
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