Many UK residents "financially illiterate"

Adults who are not very literate about financial matters need to be offered support when it comes to learning more about money management, according to moneysupermarket.com's Kevin Mountford.

Mr Mountford, the price comparison firm's head of banking, believes that it is not just youngsters who should be targeted with financial education opportunities.

He said: "There is a massive segment of the adult population that is financially illiterate, and these are the people who also need help in managing their finances properly."

The expert went on to suggest that the government is right to look at ways in which school pupils can be given monetary education as this may stop them from having to face the debt problems that many people are currently experiencing.

Meanwhile, consumers looking to manage credit card debt over the course of 2010 may also be keen to note that moneysupermarket.com has this week highlighted a number of areas in which households might be able to lower their outgoings.

Written by Martin Peacock.