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News, Student Debt

” Too much debt? Nah, it’s just ‘something everyone goes through’ Students reveal on camera how little they are taught about basic personal finance in school.”

by Victoria Bischoff on Jan 31, 2012 at 16:48

When BBC Radio 1 presenter Matt Edmondson took to the streets of London to find out how much students know about basic personal finance, the results were more than a little worrying – yet comical.

Most were unable to answer simple questions on what the weekly minimum wage is, the average amount of debt university students face and how much you get a week from your basic state pension.

What’s more, according to the Chartered Insurance Institute (CII), which commissioned the research, despite a fifth of students claiming to have a store card, the majority – some 71% – do not know what an APR is.

Students were also unclear on other key terms such as ‘equity’, ‘credit’ and ‘debit’ – even though 95% said they have a debit card.

Almost half of teens, meanwhile, said they think debt is ‘something everyone goes through’, with just 2% considering it unusual.

The news comes as consumer groups step up pressure on the government to introduce basic personal finance lessons in schools.

According to the CII, just 16% of students said their lessons cover insurance, a fifth pensions and just a quarter mortgages.

Original article

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