Personal finance education should be put on the curriculum, to teach uninformed British consumers the basics about effective money management.

That is the conclusion of the the ifs School of Finance. It points to the latest research from Credit Expert, which show that 24 per cent of UK consumers have difficulty understanding their own finances and money-related matters, and find it difficult not to overspend. Formal lessons aimed at teaching people how to monitor their incomings and outgoings and develop a better understanding of their credit and debt arrangements would have appositive impact on the whole country, and help people to avoid financial disasters in the future, according to the school of finance.

Jim Hodgkins, managing director of Credit Expert, said: “What this research seems to expose is a serious lack of understanding of the long-term consequences of these actions and how it can affect your credit rating – ultimately impacting your financial future.”We feel it’s imperative that people fully realise the implications of not managing their

finances properly.”