The Children’s Society of England recently launched a brilliant campaign that exposes the impact of problem debt on children. The organization wants to end its damaging effects on the whole family and has issued a report revealing 2.5 million children live in families that are behind on £4.8 billion of household bills and loan repayments. The report also reveals the numerous ways that debt affects children’s lives.
Children in families with problem debt are more than twice as likely to be unhappy at school and be bullied because they don’t have the same things as their friends.
More than half of children (58%) in families with problem debt say they worry about their family’s financial situation
Half of children in families with problem debt (47%) say it causes arguments in the family.
Going WithoutNine out of ten families in problem debt say they have had to cut back on essentials like food, clothing or heating for their children in order to keep up repayments. Early Exposure to Debt
More than half of children aged 10 to 17 said they saw advertising for loans ‘often’ or ‘all of the time’. But only one in five children said that their school had taught them about money management and debt.
Check out this touching video. Although the focus of this campaign is on families throughout England, this message translates to families in the United States.
After you watch this video, click here to see a very creative animation about the debt trap.
Turtle Tuesday Bonus: What Generation Z Entrepreneurs Are Like from Dan Schawbel and Forbes.