DAF News

Why wouldn’t you give an eight-year-old a pre-paid debit card?

“Would you give a debit card to an eight-year-old?” reads the headline, followed by a yes/no survey.  Just watch those No votes stack up.

The story is based on news that, as of today (15 November), children as young as eight will be able to use a debit card to shop online. The prepaid Visa card can also be used in selected shops and to withdraw cash, although parents will be able to set controls.

Facing up to the family budget

It’s half-term for many of us – when Christmas shopping will start in earnest.  So what better week to think about that source of so many family rows – money.

Many family upsets are rooted in the fact that parents and children don’t talk about money together.  How many of us sit down and talk to our children about how much life actually costs?  How many families get together and work out how much they can afford to spend during the holidays and at Christmas? 

No excuse for new students faced with managing their money...

Student Finance Day 2012 saw websites and twitter feeds awash with top tips, handy tools and cautionary tales from students who had failed to manage their money in the past.

Research had been done: according to charity Credit Action, designer jackets (lost two weeks later) and holidays were just two “essential” student buys, while a Moneysupermarket.com survey said that three quarters of parents believe their children should have received financial education lessons at school.

Early rise for Debt Advice Foundation's financial education team

The first day of term meant a particularly early start for a group of pupils at Southlands High School in Chorley.  They had a starring role in a series of outside broadcasts from the school for BBC Breakfast, showcasing the money management lessons that they developed as part of national debt charity Debt Advice Foundation’s financial education programme.

Money shouldn’t be a family secret, says debt advice charity

Parents should be more open with their children about the family budget if they want them to grow up with a sensible approach to debt, says national charity Debt Advice Foundation

Most parents shield their children from any discussions of money, so they grow up believing that the whole topic should be kept secret.  Add this to the lack of financial education in schools, and the result is that many young people have little or no understanding or experience of balancing income and spending, or of how to avoid unmanageable debt. 

Financial education the key to reducing childhood money worries, says Debt Advice Foundation

Young people who worry about their family’s finances should be given the chance to learn how to help balance the books through financial education, according to national charity Debt Advice Foundation.

The Halifax’s annual survey of children’s attitudes to money, the Pocket Money Survey, has suggested that more than half of eight to fifteen-year-olds worry about money, with almost ninety per cent of them saying their parents do so.

Insolvency figures suggest real fall in demand

New figures from the Insolvency Service suggest that there has been a real fall in demand for insolvency solutions.

 The Service reported that there were 27,390 individual insolvencies in England and Wales in the second quarter of 2012, down 10.2% on the same period a year ago.

The total was made up of 8,088 bankruptcies (down 27.1% on the same period last year), 7,956 Debt Relief Orders (DROs) (up 9.6% on the same period last year) and 11,346 Individual Voluntary Arrangements (IVAs) (down 6.6% on the same period last year).

Payday loans - a tale of two campaigns

Two announcements this week on short-term, high interest loans.

On the one hand, the Business Minister, Norman lamb, welcomed “the progress made by payday lenders as they published newly revised Codes of Practice to increase transparency and better help vulnerable borrowers”, while cautioning that “they need to maintain their focus on protecting consumers and tackling bad practice”.

High school students break the mould in teaching about debt

While MPs and financial institutions are debating the best way to teach young people how to manage their money, pupils at Southlands High School in Chorley, supported by the charity Debt Advice Foundation, are blazing the trail.  They are rolling out their unique money management lessons, in which 14-year-olds teach younger pupils about budgets, savings and how to avoid unmanageable debt, using books and presentations they have developed themselves.

New payday lenders' code of practice welcomed, but must go further

National debt advice charity Debt Advice Foundation has welcomed the new code of practice for the payday and short-term loan industry, but warned that the Government must find a way to tackle the worst offending payday lenders who are not signed up to the code.