Lessons in financial responsibility 'are important for young people'

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Lessons in financial responsibility 'are important for young people'

It is important for young people to learn lessons in terms of financial responsibility at an early age, especially in the present economic climate, it has been claimed.

Andrew Watson, parenting expert and author, said money management is a fundamental skill that all children should be taught at an early age, as arguably an understanding of the pitfalls and best ways to handle finances should be viewed as equally important as reading, writing and arithmetic.

He commented: "It's about managing finances and the only way people can make a considered, deliberate decision is if they're equipped with the tools to do so."

Mr Watson also recently argued that providing 16-year-olds with their own bank account can be a good way for this group to gain experience in handling money.

He noted that it is better for them to make mistakes with their money at this age and to learn the lessons from it sooner rather than later.

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