Education could ‘change credit attitudes’

By providing more education on finance, Britain can become a country of investors rather than borrowers, an industry expert has claimed.

According to director of F&C Asset Management Jason Holland, too many Britons depend on debt consolidation loans and credit cards.

He said: "At the moment we’re a nation of borrowers. A lot of people find it very easy to get hold of credit, people don’t seem to save up for anything now.

"They feel very comfortable with putting it on a credit card and getting into debt."

However, Mr Holland claimed that better education about investment and personal finance in schools, alongside an increased up-take in child trusts funds, could "affect a quite long-term cultural shift" and see less people turn to debt consolidation loans in the future.

Earlier this month, the Research Foundation claimed that the creation of a generic financial advice service could encourage a better attitude towards secured personal loans.

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