A leading financial charity have warned that uneducated children will grow up thinking debt is nothing to be feared, and add to the ever growing number applying for an IVA or Individual Voluntary Arrangement.
The Personal Finance Education Group (PFEG) have stated that just under half of teenagers find themselves in debt by the time they're seventeen. Another disturbing trend is that a quarter of teenagers believe that a bank overdraft is extra money for them to spend.
A spokesperson for the group commented that the research showed “how seamlessly children appear to be drifting towards an adulthood of debt”.