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Insolvency practitioners going into schools to stem debt tide

Jul 16, 2007

The Association of Business Recovery Professionals, R3, is sending in the experts to help prevent children using its services when they get older. R3's members - which represent 97% of the UK's insolvency practitioners, are used to seeing the misery created by overwhelming personal debt. Now they are putting some of their members into schools for free, to share their experiences with the children in the hope of creating greater awareness when it comes to credit card and debt management.

Schools throughout the country have agreed to take part in a pilot, which will begin in the autumn term. This pilot will see JR3 members going into schools to help teach 16 to 18 years olds about debt and credit and the importance of money management. The classes will be made up of students studying to GCSEs, AS and A Levels in Financial Capability, run by the IFS School of Finance. R3 is producing specific class room material including role-playing games and quizzes to help get the message across in the most vibrant and accessible way.

Tony Supperstone, R3 past president and spokesman for the project said, "In the modern world, financial education is vital. Financial products are becoming increasingly complex, yet the level of knowledge and comprehension remains the same. We have a duty to support our young people to understand the financial world, to help them make the best choices and avoid the pitfalls that so many people are currently falling into. Our members are excellently placed to highlight what can happen when personal finances as mismanaged, and hopefully encourage better practice in the future."

Source:
http://www.creditman.biz/uk/members/news-view.asp?newsviewID=7387