Children to learn about debt

With student debts averaging over £15,000, the government has announced a plan to introduce money management lessons to all children from the age of 5.

From 2011, primary schools will start by teaching children about saving money in a piggy bank - as they get older, they will learn about budgeting and bank accounts. Secondary school children will move onto credit cards, mortgages and loans, with special attention being given to debt and how it can affect wellbeing.

Martin Lewis, creator of savings website moneysavingexpert.com said "Finally we're getting somewhere", adding that it's "a disgrace we've never educated them about debt" before.

Will parents feel the same? Some of us here at parentchannel.tv certainly wish we'd had budgeting lessons when we were younger!

UPDATE: In our poll, we asked you if 5 year olds should be taught about savings and debts. Opinions were fairly evenly divided with 54% of you saying no and 46% saying yes.