[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Tuesday, 27 March 2007, 23:20 GMT 00:20 UK
Young are still baffled by money
School children
Youngsters know a lot about insolvency suggests a survey
Basic aspects of money and finance are still baffling to many young people, according to a government survey.

A poll carried out for the Department for Education and Skills (DFES) found that 40% of 16-21 year olds did not know what APR stood for.

And 25% thought store cards were better value than credit cards, even though they are much more expensive to use.

The poll is part of a DFES initiative, "Talking Money", encouraging parents to talk to their children about finance.

"It would appear that in many families money remains the last taboo subject," said Bill Rammell, the minister for Higher Education.

"Talking Money is designed to raise awareness of the fact that financial help is available to cover the cost of higher education in the form of loans, grants and bursaries.

"We are encouraging parents and their children to sit down and talk about money together."


The poll found that many parents were uncomfortable about discussing financial matters with their children.

More than 90% of parents said they would welcome advice on student finances.

But the poll also uncovered a surprisingly high level of awareness of insolvency procedures among youngsters.

Nearly two thirds claimed they knew about individual voluntary arrangements (IVAs).

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific