Credit card rights should be taught to youngsters, says moneysupermarket.com
www.moneynews.co.uk > Credit cards > Credit card rights should be taught to youngsters, says moneysupermarket.com
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Credit card rights should be taught to youngsters, says moneysupermarket.com
Fri 30th Apr 2010
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A spokesperson for the site highlighted this as the main risk with young people and claimed that they can end up in trouble because they are not aware of how to use such products correctly.
In his view, it is "worrying" that the younger generation do not understand their rights in this area, even though they seem quite savvy when it comes to comparing prices of different financial tools.
The moneysupermarket.com representative remarked: "Young people tend to shop around more than the older generation. So actually, once they do look for a product they look for a product that's going to give them the best value for their money."
He stressed that one thing that should not come as too much of a surprise is that youngsters are not taking out protection policies, since this sort of product tends not to be taken on by individuals until they are a little bit older and perhaps start getting married and having children of their own.
His comments follow research published by LifeSearch, which indicated that in February of this year just 3.5 per cent of the protection policies produced by the organisation were for people aged 25 or under.
This cover just is not important to young people, explained the spokesperson.
With the general election just around the corner, an issue that this industry insider has highlighted within each party's manifesto is financial education.
He suggested that there is not a "proper" system in place to teach children about how to manage their money and this is something that could help improve the way the next generation of borrowers utilise credit.
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