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Another study also showed that over half of 10 to 17-year olds had claimed to have regularly seen advertisements for loans on TV


With debt problems mounting across the region, some societies are calling for savings clubs for children so that they have money to fall back on at an older age. Trust Deed Scotland responds to the story.

The Children’s Society has called for children as young as four to have savings accounts set up in their names, giving them some money to access when they reach a certain age. It is hoped the move would drive payday lenders out of business as less people would have to take out loans and drive up debt.

The plans would have children saving small, regular amounts of money throughout their early years, slowly building up a significant amount of cash that could be put to good use later down the line. The savings clubs have also been mentioned as a good way to educate children on financial matters through practical education and traditional lessons.

“With children making financial choices at an even younger age, and regularly exposed to advertisements for credit, it has never been so important to ensure that children learn about debt and money management from an early age,” read the Children’s Society report.

Research shows that 64 percent of children get their first bank or building society account before they begin secondary school, and three-quarters of 15-year olds with a bank account possess a debit card. Another study also showed that over half of 10 to 17-year olds had claimed to have regularly seen advertisements for loans on TV.

Trust Deed Scotland, a leading debt advisory service for citizens of Scotland, had a spokesperson on hand who provided this statement: “This move would be sensible for trying to educate children on matters of personal finance from a young age, which is vital to their well-being in the future.

“It’s worrying to hear of children being exposed to advertisements for loans on TV from a young age. They should be taught about how to manage their money without resorting to these methods. Unfortunately a lot of people don’t have savings accounts to fall back on, and for those that are struggling with money problems today, Trust Deed Scotland is here to help. Our qualified experts can advise you on all matters of debt, leaving you to worry less about issues to do with money.”

Trust Deed Scotland Ltd is the leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% trustpilot rating owing to their free, qualified debt advice. Knowledgeable about all kinds of debt resolution methods, they are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration.

This press release was distributed by ResponseSource Press Release Wire on behalf of Trust Deed Scotland in the following categories: Children & Teenagers, Personal Finance, Business & Finance, for more information visit http://pressreleasewire.responsesource.com/about.