More than half of UK households have a debt, and many of those are in the most vulnerable position – vulnerable because of the way they were raised.
According to a new report, The Debt Crisis in Britain, the biggest single cause of this debt is the social contract between the parents and the state.
For many of these children, there is no social safety net.
“It’s not like they can go to school or go out of work and get on the train and then go to work and be at home with their mum,” says Dr Rachel Brown, from the Children’s Institute at King’s College London.
“The social contract is really broken and they have no way of being supported financially.
The parents can’t pay rent, they can’t get a job.
And the whole idea of being independent, being able to get away from your mum and you, and have a say in what’s happening, it’s so difficult.”
The report says that many families are now living in fear of losing their home or having their finances put in jeopardy.
While there is support for families who have no other options, the report warns that a lack of financial literacy is a major problem.
“We know that if parents don’t have the skills and understanding to navigate the complex issues of their household, then it can have a negative impact on their ability to make the most of their time with their children,” says Brown.
“What we need to be looking at is a new generation that is more financially literate, more financially stable, and able to take advantage of all the services available to them.”
The most vulnerable are the oldest childrenThe report found that the vast majority of the families surveyed are older than 16.
It also found that these children are often the ones in the worst shape financially.
“We see very low levels of literacy in older children and the most important thing for us is to have these skills,” says Professor Joanna Lewis, from King’s.
In a study published last year, Lewis found that, among households that were in default, only around one in five children had at least one adult who understood the basics of how to pay their bills and that the majority of households were in debt at the age of 16.
“If we are talking about a child of 15 or 16 who is on a school allowance and then the parent who has no income comes in and says, ‘Why don’t you do your homework?’ that’s when we need a real conversation about what’s going on and what is the best approach,” says Lewis.
Lewis says that children are more likely to fall through the cracks and fall into debt if their parents do not have the proper education, support and skills to cope with the financial challenges.
The report recommends that all parents and children learn to negotiate their debts and debts should be managed through their own means, rather than through the state and private sector.
It also recommends that financial literacy education be introduced in primary schools, and that families be trained to negotiate debt through an experienced family law attorney.
More on BBC News:The UK’s financial crisis has led to a number of policy responses A key recommendation in the report is to encourage people to learn about the basics, including income, assets, debts and the value of their assets.
The report also recommends a system of debt and bankruptcy for those who are unable to pay down their debts.
The Children’s Report also recommends better support for older children.
According to the report, if children are in a child-care home, they are at higher risk of a life-threatening condition known as puberty blockers”They have a very low chance of ever being diagnosed with a disease like cancer, they have a high risk of suicide, and are much more likely than other children to be in prison, and the risk of incarceration is much higher,” says Martin.
If they are in care, they need to learn to be independent and manage their own finances, and also to talk to their parents about the challenges of being in care.
It also says that in order to help children who are in debt, they should not be treated like children who have financial difficulties.
For many children, debt is an issue that they have to deal with themselves.
“It is a lot of stress and a lot to manage,” says Rachel Brown.
“You can’t just let that be your only issue and just expect that the person that is in charge of your finances will be able to handle it.”
This is the second report in the series looking at the effects of the financial crisis on the UK.
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