Conservative MP reveals student finance struggle

Tue, 20 Dec 2011

A Conservative MP has revealed he is still struggling to pay off his student loan despite now being 34 years of age.

In a bid to highlight the need for compulsory financial education in schools, Andrew Percy admitted he finds it difficult to manage his credit card properly and is not up to speed when it comes to the mortgage rate he is paying, This is Money reports.

Mr Percy noted such situations are likely to be even harder for the youth of today, due to their inability to access the housing market and a rise in property values.

His failure to fully pay back his student loan is perhaps evidence of the high number of people still having difficulty when it comes to repaying what they owe from their days at university .

Schools minister Nick Gibb - who is also the Conservative MP for Bognor Regis and Littlehampton - commented on the issue of compulsory financial education in the UK's schools, observing: "Young people are growing up in a materialistic world for which they are often not fully prepared. We need more competent consumers."
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