Code: 2.6.1 · Children and youth
Aware of the advantages, disadvantages and risks of borrowing and lending
Understands that a commitment to repay a loan must be honored on time and there may be consequences for not doing so
Knows that borrowing costs money (e.g. interest rate, loan fees) and the total level of debt incurred must be sustainable over time
Differentiates between borrowing (from family, friends or banks) and lending money
Considers when it may be more appropriate to take credit rather than waiting and saving up, or vice versa
Considers risks, costs and potential benefits when borrowing money