Bad financial choices could pose longer term problems for younger consumers, it has been highlighted by one expert.
According to the Personal Finance Education Group's chief executive Wendy van den Hende, difficult decisions may have to be made by younger members of the public at quite an early stage in their development, which they need to get right.
She stated: "What young people now have [to do] is make quite complicated decisions as they're leaving school, which will have an effect on their finances for decades to come if they're not careful."
Some people in this position might be tempted to try and get
credit cards and other sources of borrowing such as overdrafts, Ms van den Hende continued.
However, further financial education is something that may be required by such people in order for them to make informed choices.
"What's happening at the moment is that it's very ad-hoc about whether people receive any financial education at all," the expert went on to warn.
Meanwhile, when it comes to the nation's wider population, Ms van den Hende added that large debts are currently facing a number of people.
Many consumers are actually spending larger amounts of cash than they are getting back in wages, the commentator stated. Such financial issues may be arising because of the fact that people are simply not aware of how they should go about managing their money properly, she said.
As a result, better money-related education may therefore be needed across the country so that people can make decent decisions, the expert suggested.
The remarks made by Ms van den Hende follow the publication of uSwitch.com statistics earlier in the week.
As many as 71 per cent of those queried as part of the firm's research feel that their debt problems have come about as a result of relatively weak financial knowledge.
Posted by Martin Peacock.
