Children should learn about how to handle credit, money early

By UK CreditCards.com

Economic downturn increases card theft Children should learn how to use credit cards responsibly at an early age, according to the Tax Incentivised Savings Association (TISA).

TISA issued a reminder that many children are able to save £1,200 tax-free each year under a government scheme, meaning they could have a healthy fund waiting for them when they reach adulthood. However, taking advantage of this initiative will only be worthwhile if children have been taught how to be responsible with money, according to TISA director general Tony Vine-Lott.

The trade association has published advice for future and present parents on how to take advantage of government grants and tax benefits.

"Children need to learn early on the value of saving for the bigger commitments that lie ahead," he explained.

"A whole generation seems to have missed out on this message and as a result, many -- far too many -- have a loan or credit card debt hanging like a millstone around their necks."

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Published: 18 March 2009