A scheme to educate secondary school students on the importance of managing finances has been launched by R3, the Association of Business Recovery Professionals.
R3 members will be available to secondary schools which currently implement ifs School of Finance qualifications to inform students about personal debt and how it can be prevented.
They will illustrate real-life cases to complement ifs qualifications such as debt, loans, credit cards and budgeting.
The announcement follows this quarter’s Insolvency Service statistics, which show personal insolvency has continued to soar with 26,021 individual insolvencies in England and Wales.
This is an increase of 66.3% on the same period a year ago.
Tony Supperstone, president of R3, says: “Personal debt in the UK is increasing at enormous levels, by starting with children we can help educate them on managing their finances for the future. By working with the ifs School of Finance we are actively trying to encourage more education for young people today on the dangers of personal debt.”
