Moves to provide personal financial education for young people in Wales have been welcomed by the principality’s Consumer Council.

From September 2008, the Welsh Assembly will give financial advice "a more prominent place in the school curriculum", which in turn could help children with debt management in the future.

Lindsey Kearton, senior policy officer for the Welsh Consumer Council, said: "With levels of personal debt increasing and the world of financial services growing ever more complicated, it’s important that people have the right knowledge and skills to deal with their money."

She pointed to research revealing 24 per cent of Welsh people feel confused or scared when dealing with financial services providers.

A fifth of adults claimed that have committed themselves to financial products such as secured loans even though they did not understand the policy’s small print.

Ms Kearton claimed the education proposals could help children develop a better attitude towards debt management and personal loans in the future.

According to figures released by Credit Action, some 300 consumers file for insolvency every day as they struggle to manage their money.

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