BUSINESS and finance professionals in Bolton have welcomed the announcement that schools will be able to teach personal finance to 14 to 16-year-olds from September.

The Institute of Financial Services has launched two new qualifications, a foundation certificate and an intermediate certificate.

Schools will be supplied the curriculum, teaching materials, and exam papers by the institute.

The courses will cover issues such as loans, currencies and car insurance.

The introduction of the qualifications for younger students comes half-way though a pilot programme which had produced such positive feedback that the Institute decided to launch the new studies this autumn.

Dorothy Wood, institute head of faculty, said: "We have had huge interest in this. We are expecting it to grow."

Andrew Rosler of Egerton-based Ideal Debt Solutions said: "As a licensed insolvency practitioner, we deal with many cases which can be attributable to the individuals concerned having very little or no basic, fundamental understanding.

"The consequences of not being financially literate are there for all to see as there are now record numbers of bankruptcies, voluntary arrangements and rising company failures.

"Financial literacy should help individuals take control of their own finances and help prevent the next generation, in particular, from making poor financial decisions.

"Opening up the world of finance to pupils may even attract more of them to follow a career path into the financial services industry, which will be very welcome."

Louise Claro, managing director of Unity IFA Ltd, in Clive Street, Bolton, said: "It is a fantastic idea.

"It teaches children, at the influential age of 14 to 16, some basic real life skills which will be used throughout their adult life.

"With personal debt spiralling out of control, it is crucial that the younger generation learn how to manage money if we are to tackle the growing problem of personal debt."