Today it’s ‘Get Smart About Credit Day’, a national campaign to help young students manage their money.
With student loan debt soaring and house prices rising, ‘Get Smart About Credit’ is a day to educate secondary school students about effectively using credit.
A large number of bankers and financial advisors will be visiting schools across the country to raise awareness on important financial obstacles facing teens.
Paying for university, managing your money, building a good credit score and protecting your identity are just a few subjects ‘Get Smart About Credit Day’ will touch upon.
“We need to start teaching people from a young age how to manage their money”
According to National Debtline, 31% of full-time students aged 18 to 24-years-old are currently borrowing outside their student loan, owing £3,409 on average.
Daniel Rose, a student at the University of Bangor, said: “I’m in huge amounts of debt from university, it just seems like I’m crushed under a monumental mountain of bills.
“In my first year of university it got so bad that I couldn’t even afford to eat properly, I was living on beans on toast because all my money was going on rent, bills and my car.
“I now have a student loan, credit card bill, I’m in my overdraft and I even owe money to my parents. I think if I was taught at school how to manage money and spend responsibility this wouldn’t have happened.”
As university tuition fees are rising, bankers from across the nation are using this day as an opportunity to teach young adults how to effectively use credit.
Chris Arnold, a financial advisor from Stroud, said: “Participating in Get Smart About Credit Day is hugely important, we need to start teaching children from a young age how to manage their money and build good credit habits.
“I’ve worked in the financial industry for over 20 years now, and recently I’ve noticed a lot more of my clients are younger adults who don’t know how to invest their money or even save properly.
“Learning about the importance of saving, understanding the responsibilities and benefits of credit and only buying things which you can afford are three lesson we need to educate young adults in.
“If they are preparing to enter the real world of work or even head off to university, I think it’s so important they are equipped with these skills.”
For more information regarding credit, managing your money and debt in Cheltenham contact: 0800 987 1040 or visit: http://www.bridgewooddebtsolutions.co.uk/contact-us.html
Listen below to a clip of the interview with Daniel Rose.