Financial literacy must be added to the national curriculum so kids learn to save, not spend says the Liberal Democrats.

Nick Clegg, leader of the Liberal Democrats has warned the young people of the UK that total personal debt has risen by £1 trillion since Labour came to power: debt repayments equating to £3000 per second.

The Lib Dems say it should be saving and being prudent that is preached to kids in schools, not spending and debt.

The party wants the BBC immediately to launch a campaign of public educations through its entire media network, directing people to advice and information to manage their finances – and most importantly save, not spend.

Clegg says: “One of the reasons why the economy’s in such a state at the moment is because of all this debt. It is our young who will inherit this legacy of debt. We’ve been addicted to debt, and now we’re having to go cold turkey. We must not hand on this addiction to you.”

Stephen Moir, head of Community Investment at the RBS Group says: “Young people no longer have the luxury of learning how to manage their money ‘on the job’. Instead, they need to leave school equipped with some basic but vital life skills like understanding why it’s important to save, learn about budgeting and what financial decisions they’ll have to take when they first leave school.

“This won’t happen without concerted effort between schools, parents, the financial services industry and, most importantly, young people themselves.”

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