Why solving financial problems may soon be child's play

Published on Saturday 3 January 2009 19:20

A GAME to help school children avoid the pitfalls of debt has been created by a Scottish headmaster.

Peter Hogan, who masterminded a stock market game for teenagers in which they traded real shares, has turned his attention to personal finance because of the worldwide credit crunch.

The headmaster of private school Loretto in Musselburgh has devised Debt Busters, a game for 13-year-olds to solve real-life debt problems, to help them understand borrowing before they are faced with student loans, in-store credit cards and mortgage repayments. The game, which will launch at Loretto next term, will see youngsters help people to escape the problems of the credit crunch by investigating offers on the market week by week.

Debt Busters could be rolled out across Scottish schools from September to encourage young people to take an interest in the realities of finance.

Hogan, who has worked with the Confederation of British Industry and Royal Bank of Scotland on financial teaching resources, was the founder of Student Investor.

The game launched 15 years ago and introduced a generation of children to the stock market by allowing them to trade in real stocks and shares.

Hogan said: "The Student Investor helped thousands of children understand more about the City and I know pupils in my care switched university courses as a result of getting excited about money and investments.

"I hope Debt Busters will have the same impact. If we can persuade children to get involved with a bit of fun about debt, instead of it being a pretty miserable subject, they will engage with it."

A spokesman for Citizens Advice Scotland said it was keen to get involved with the project. He said:"Too many people are getting stuck in a cycle of debt from a young age."