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A financial expert in the West Midlands has welcomed plans to teach kids about basic financial responsibility in the class room.

David Morris, founder and chief executive of the Premier Group, a Solihull-based financial services provider, says rising levels of debt and bankruptcy among young people shows that pupils need to be taught how to handle cash at an early age.

He said: “Loans with crippling rates of interest are being handed out on the high street and aggressively marketed on television so it’s obvious that high street banks and loan companies are not going to take responsibility for the growing debt problem in the UK.

“Educating kids about budgeting their cash, planning ahead and living within their means, as well as the potentially life-ruining dangers of debt, is of paramount importance.”

His comments come after the government announced plans to overhaul the curriculum to adapt to the needs of the 21st century.

Pupils would have the option to study subjects like cookery and personal finance, and learn other languages instead of more traditional lessons.

Many other financial experts back the plans.

Morris acknowledged that introducing lessons in managing personal spending would involve extra training for teachers, but said such classes would have huge benefits for children.

He added: "We're not talking about high finance and perhaps they could outsource their training and invite accountants and IFAs to deliver part of that training need.’

The Premier Group was formed in 1996 and has since gone from strength to strength. Today the business boasts a staff of 35 and a turnover in excess of £1 million.

With this in mind the business has, over the past 11 years, continued to grow and develop to offer a full range of financial and investment services as well as estate planning and international property sales. Their ethos is to advise clients from ‘cradle to the grave’ and today’s announcement only strengths their belief that planning should start early.

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