Aberdein Considine to teach children about the dangers of debt

Scottish secondary school children are going to be taught how mortgages, credit cards and interest rates work in a series of groundbreaking new lessons with Aberdein Considine.

Scottish secondary school children are going to be taught how mortgages, credit cards and interest rates work in a series of groundbreaking new lessons designed to halt the rise of debt problems among young people.

National solicitor estate agent Aberdein Considine is working with the TechFest charity to pioneer a series of special 'Maths into Finance' sessions across Aberdeen, Glasgow, Edinburgh and Perth.

More than a third of 18-24-year-olds have debts of almost £3,000 and experience significant concerns about money, according to a recent National Debtline survey.

A key recommendation of its report into the growing crisis was “earlier and more co-ordinated financial education”.

Aberdein Considine and TechFest will jointly deliver lessons on domestic budgeting, pensions, how tax works and, most importantly, borrowing and managing debt.

Alan Cumming, National Estate Agency Director at Aberdein Considine, said: "As a firm of financial advisers, estate agents and lawyers, we have seen the impact bad financial decisions can have on young people, sometimes burdening them with a lifetime of debt before they even reach their 30s.

“This has been recognised by the Scottish Government and financial education has been a part of the curriculum since 2008.

“We are delighted to be adding our practical experience of financial matters to these lessons and showing youngsters how maths is applied to everyday life.”

Aberdein Considine, which also has a national network of independent financial advisers, is financing the new lessons, which will take place at venues such as Perth Concert Hall and Aberdeen Town and County Hall on various dates in November.

Sarah Chew, Managing Director of the TechFest charity, said the programme will help fill a knowledge gap in young people.

She said: "TechFest is delighted to be working with Aberdein Considine on this new programme that aims to ensure students have access to important financial information that not only links to the Curriculum but important life skills.  

"Our aim to promote Science, Technology, Engineering and Maths allows us to design, develop and deliver some of the most exciting events and initiatives across Scotland. Maths into Finance we hope will have a long a prosperous future and we look forward to working with Aberdein Considine and their team as we deliver this programme across Scotland."

Secondary pupils in Aberdeen, Aberdeenshire, Perth & Kinross, Edinburgh and Renfrewshire are being invited to take part.

Materials will also be made available to aid financial education throughout the school year.

Brenda Harden, Principal Teacher for the mathematics faculty at Northfield Academy in Aberdeen, one of the schools taking part, said financial education is “incredibly important”.

“Having a good understanding of how to handle money and deal with debt, loans, saving, bills and tax can make all the difference in later life,” she said.

“Whether it's understanding if your payslip has been calculated correctly, deciding which loan or mortgage is right for you or simply what the best way to save is, this one day event sounds like a great opportunity to get some real life experience and understanding of how to apply Maths outside the classroom.”