Today: Last Update:


Do you expect to see less or more second charge mortgage lenders in 2018?

94% call for more loan education

94% call for more loan education

94% of readers believe there should be more education for young people on loans, according to a recent Loan Talk survey…

Only 6% of people felt there should not be more education on loans for young people which follows the recent news that one in three children worry about money.

The results led Loan Talk to ask brokers and lenders why there isn’t enough education on loans for young people and what should be done to combat this.

Andy Pelley, Director of The Loan Partnership, completely agreed with the results and felt young people simply didn’t understand the perils of taking credit.

“If they get a credit card when they turn 18 and buy a new pair of jeans on it, they could still be paying for those jeans long after they have thrown them out,” said Andy.

Andy felt personal budgeting and financial awareness should be made a core part of the GCSE Maths syllabus so that all young people had a basic understanding of the danger and benefits of credit.

“They should understand the risk to their credit file of non-payments, and understand the total amount repayable if they leave balances outstanding on the credit file,” added Andy.

“It could include an understanding of help to buy schemes.

“How is this type of education not as important as understanding the angles in a triangle?”

Jon Sturgess, Head of Sales at Masthaven Secured, said nearly two generations had grown up in a credit-driven society and there needed to be a more structured approach to teaching tomorrow’s generation about the pitfalls as well as the advantages of borrowing.

“Bombarded as we all are with lifestyle choice advertising, which hinges on instant gratification, the need for education has never been more necessary,” said Jon.

“Personal choice is important and young adults (and old ones!) need to be able to temper their desire to acquire by understanding the consequences, rather than be limited by a nannying desire by the state to restrict access to finance.”

Jon felt the important thing which needed to be taught was that taking out a loan or any type of finance was ultimately a personal decision.

“By signing up, with the right advice, the individual must ultimately take responsibility for his or her action and it is not someone else’s fault or problem, if repayment becomes an issue,” he added.

Jon felt the solution was to place a greater emphasis on personal financial literacy from an early age.

“Perhaps access to financial products of any kind should be limited to those who through examination (part of the syllabus) can prove that they have grasped the fundamentals to be trusted to make their own decisions?” added Jon.

“Those who cannot show the requisite understanding should be only allowed to have more limited access to finance through a fully regulated process.

“It might then balance the regulatory requirements placed on providers with consumers taking more personal responsibility for their choices, which in turn would deter more from the urge to borrow irresponsibly.”


I well omega replica watches removed them, in I below. Those companions call fake rolex watches sounded like a bird chirp. Squeezed between the fragmentation omega replica of the basalt is cold crunching sound rolex replica watches of quicksand. Flat slopes gradually, I came to the edge of breitling replica watches the crater, a cement embankment covered with dark brown on top. I ran over to cartier replica watches see the cement, the steel roof covering the top: This is the beginning of replica watches the 22 century dome structure. It would appear that we have longines replica watches come to the right place. From my u boat replica watches current position.