M&S Money reports parents believe it will be easy for children to end up in debt
M&S Money has revealed new research that shows that many UK parents admit they are still worried about whether the next generation will be able to manage their own money, despite the credit crunch and the focus on finances in the current climate.
The research* shows that a quarter of mums and dads around the country say that despite the more cautious financial environment the country is now in, it will still be easier for their kids to get into debt than it was for them and a third think their children will be less able to manage their money than they are.
Almost one in five (19%) say their children will be ill equipped to understand and deal with their own finances as there is simply too much jargon to wade through and not enough practical guidance in schools.
Despite this almost a third of parents believe that imparting their own experiences can help their children learn and improve their chances. They are confident that by being more open, than their own parents were with them, and integrating finance into the school syllabus, their children are more likely to be able to cope with the challenges of their personal finances. A fifth of today’s parents said that their mothers or fathers had the most influence over how they manage their own personal finances.
M&S Money works with the DebtCred financial literacy project, which was established as a charity in 2003. The primary aim of DebtCred is to prepare school pupils for university life or employment by educating about the sensible use of credit, personal financial management and the hazards of over indebtedness. Employee volunteers from M&S Money deliver financial literacy presentations to high school students in the Cheshire region.
Colin Kersley, Chief Executive of M&S Money, said: "Having been through one of the most complicated couple of years for family finances the importance of getting things right for the future has never been more important. Too many of today’s parents are not yet confident about the nation’s efforts to improve financial awareness and ability for the next generation.
“Providing practical guidance in schools as well as offering simple and transparent products is really important. The goal that our children will be more able to handle their own finances is worthwhile and one that industry, consumers and Government must work on together.”
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Notes to Editors:
* Opinium Research carried out an online poll of 2001 British adults from 25th to 30th August 2010. Results have been weighted to nationally representative criteria.
About M&S Money:
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc, making 2010 the company’s 25th anniversary.
The company is a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home owners insurance, car insurance cover, pets insurance and travel insurance cover, as well as loans, savings and investment products.
In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,364 billion at 31 December 2009, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ’the world’s local bank’.
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