Government needs to help people become more financially capable
Nov 09, 2006
Financial charity the ifs School of Finance has called on the government to take greater action to tackle a record number of insolvencies.
New figures from the Insolvency Service show that there were 27,644 individual insolvencies in England and Wales in the third quarter of 2006 – an increase of 55.4 per cent on a year ago.
The chief executive of the ifs School of Finance said that the figures were another disturbing aspect of rising levels of debt problems in the UK. A link between government initiatives and financial education was needed to help people to become more financially capable and reduce incidences of insolvency, he added.
The organisation said that the government needed to encourage schools and colleges to offer financial education as a standalone qualification, provide financial support to help deliver this and include financial capability teaching as a part of teacher training.
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