Avoiding another debt crisis – finance lessons at work

People should be given training in financial matters while they`re at work, according to AXA, `to prevent another crisis in borrowing and personal debt`. So says an article in trainingjournal.com, an online resource which `gives learning and development the focus it needs`. As Paul McMahon (AXA`s Corporate Benefits Managing Director) warns, the focus has been too much on the supply-side causes of the recession (e.g. the fact that credit has been available) – and not enough has been said about the demand side (e.g. the fact that people have been looking for credit). Mr McMahon feels that the right training could help people avoid financial mistakes in the future. “Undeniably some lending practices were indefensible. But there was consumer demand. The lack of understanding of financial implications is what we need to think about addressing.” A spokesperson for Debt Advisers Direct commented that: “Financial education – at any age – can make a major difference to an individual`s ability to manage their money effectively and steer clear of problem debt. “For people already in debt, it`s important to remember that it`s not too late to find a way out. Whatever debt problems an individual is dealing with, the right debt advice from an expert can help them find a solution.”

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Tags: Work   Posted in Debt Consolidation