Parents 'should explain car insurance to kids'

Posted :05-02-2008

Parents have a responsibility to educate their children on financial matters such as car insurance, according to personal finance publication Moneywise.

Editor of the publication Rachel Lacey stated in recent days that while this is the case, many adults do not have sufficient knowledge in this area.

"Parents just don't know, so they're not in a position to teach their children at the moment," she explained.

Noting recent research by the Institute of Financial Services, Ms Lacey explained that in many cases, children were actually giving advice to their parents on what financial products and services to invest in, such as home and car insurance.

At present, education on personal finance is not compulsory and educational institutions are under no obligation to offer the subject to students.

Moneywise states that if the topic were to be added to the national curriculum it would allow children to gain more control over their finances from an earlier age.


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