A staggering 94% of the UK population believes that there should be some kind of financial education...
A staggering 94% of the UK population believes that there should be some kind of financial education on the national curriculum in a bid to reverse the current debt trend, a new KPMG survey reveals.
This comes as latest figures from the accountancy firm also show that nearly 1 in 4 people use loans and credit to make ends meet.
According to the survey, 15% of the British population claim their debts are spiralling out of control or keeping them awake at night.
KPMG adviser Carolyn Steppler says that these figures are hardly surprising.
"Net pay is falling in relative terms partly due to the increase in national insurance contributions and people are opting for credit and loans to top up their incomes."
"In this low-interest rate climate that is a worrying trend but it could become a huge burden if the economy takes a turn for the worse. Many people may struggle to pay back these loans," she says.
Despite this, a lot of people seem to have a lack of understanding when it comes to finances.
KPMG says that 36% have no idea or only a "rough idea" of how much interest they are paying on debts, and 7% does not even understand what the term APR means.
This shows that much can be done to help people better understand and deal with their finances, Steppler adds.
Yet while many people are financially struggling, some cite the pleasure of spending, buying cars and going on holidays as main reasons for taking advantage of credit loans.
KPMG's survey goes hand in hand with research by online bank First Direct showing that more than 11m British holidaymakers are likely to "overspend" up to £3bn while on holiday this year.
For 1 in 4 people this means going into debts or running up a big credit card bill, First Direct says.
Worst are British men and young people between the age of 16-24, with 27% and 40% respectively spending more money than they expected on their holiday.
An ambitious objective
'Something completely new'
'Illusion of control'
Reasons to be cheerful
Total investment reaches £9m