Providing financial education to children from a young age could help to prevent problems in the future, it has been suggested.

Zoe Stevens, a spokesperson for Confused.com, said it is important that kids have an understanding of finance-related issues.

"Starting this at a young age will ensure that as they grow up, children are able to make sense of what can seem like complicated financial products," she commented.

Borrowing money at some point is unavoidable for most people, so it is vital that people understand the type of deals that they are taking out and exactly how repayment processes work, Ms Stevens added.

Speaking to the Irish Independent earlier this year, Marion O'Toole, youth officer at Carlow Credit Union, said that given current levels of personal debt in Ireland, it has never been more important to teach youngsters the value of saving and setting money aside for a rainy day.

Written by Donal Walsh

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