Call to teach chil­dren how to man­age money

Yorkshire Post - Business - - BUSINESS / NEWS -

School­child­ren should be taught prac­ti­cal life skills, such as the im­por­tance of man­ag­ing money, sav­ing a de­posit and how to se­cure a mort­gage, ac­cord­ing to a direc­tor of a mort­gage firm.

Kate Burns, direc­tor of Hud­der­s­field- based KB Mort­gage Ser­vices, said: “Home own­er­ship lev­els are lower than they’ve ever been, with many young peo­ple be­liev­ing that they’ll never even step foot on the lad­der.

“Debt is­sues are si­mul­ta­ne­ously on the rise – Cit­i­zens Ad­vice re­ported a 21 per cent in­crease in 2018 on the pre­vi­ous 12 months, for ex­am­ple. There needs to be a change in the way that we, as a na­tion, per­ceive money. And I think that the best method of achiev­ing that is by teach­ing chil­dren the value and im­por­tance of it, from a young age.”

Her com­ments come on the back of a re­cent re­port by the Res­o­lu­tion Foun­da­tion which sug­gests that one in three mil­len­ni­als will never own their own home.

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