Money education 'can improve people's financial decisions'

The financial decisions that people need to make in life might become more informed with the help of money management education, it has been suggested.

According to Gary Millner, director of operations at the Personal Finance and Education Group, believes that children should get into the habit of asking themselves whether they actually need to spend money on certain items.

"At a very young age it is just learning the difference between needs, wants and value," he commented.

"It's the ability to say 'do I really need this?'"

Confidence is also something that people may be able to build by taking part in financial education schemes such as the Learning Money Matters project which the Financial Services Authority supports, Mr Millner highlighted.

When it comes to issues such as money management and credit card debt, survey results published by Lovemoney.com recently suggested that women are frequently more effective at dealing with their finances than men.

Posted by Tom Burroughs.