Lacking Finance Education to Blame for Rising Insolvency?

MANCHESTER, England, April 27 /PRNewswire/ -- Debt advice specialists at MoneySolve believe that the record level of personal insolvencies that occurred in 2009 is, in part, down to a lack of financial management and debt education.

More than 134,000 people became insolvent during 2009, by entering into an IVA, Debt Relief Order or bankruptcy and many more continue to experience severe financial difficulties. Experts at MoneySolve believe that by increasing education at every level in the field of financial management and debt could reduce this number, commenting that;

"People come to us every single day seeking IVA advice or just to ask us exactly what their options are. These are people who simply do not know how to resolve their financial problems. Last year saw huge numbers of personal insolvencies and while the recession and the resulting job losses played a part in this, we cannot underestimate the role played by little or no finance education. Money management is a basic life skill that we all need but that we're never formally educated on and this has to change if we're to realistically tackle the personal debt problem."

The Government recently announced compulsory financial education in schools for children aged 5 – 16, before making a disappointing u-turn on that policy this month after failing to get the support of the opposition party.

SOURCE MoneySolve

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