PRESS RELEASE

With 92,000 people, some 4% of adults, in Wales accessing the services of payday lending companies, and some 1.2 million using Store or Credit Cards due to a lack of available funds, Janet Finch-Saunders AM has urged the Welsh Government to outline how it will increase financial literacy.

The AM said: “There is currently a vicious cycle of financial illiteracy in Wales that needs to be broken. The best way of doing so is to provide comprehensive education to young people during their formative years.

“The Money for Life training scheme which is delivered by Colegau Cymru and the National Training Federation Wales, and sponsored by Lloyds, provides young people with skills in how to manage their money effectively. This programme could not be more timely with a YouGov survey finding that 70% of 18-24 year olds had experienced debt.

“It is vital that the Welsh Government works with ‘Money for Life’ to further educate our young people on the importance of effective money management.”

ENDS