M&S Money Reports Parents Believe it Will be Easy for Children to end up in Debt

LONDON, November 8, 2010 - M&S Money has revealed new research that shows that many UK
parents admit they are still worried about whether the next generation will
be able to manage their own money, despite the credit crunch and the focus on
finances in the current climate.

The research* shows that a quarter of mums and dads around the
country say that despite the more cautious financial environment the country
is now in, it will still be easier for their kids to get into debt than it
was for them and a third think their children will be less able to manage
their money than they are.

Almost one in five (19%) say their children will be ill
equipped to understand and deal with their own finances as there is simply
too much jargon to wade through and not enough practical guidance in schools.

Despite this almost a third of parents believe that imparting
their own experiences can help their children learn and improve their
chances. They are confident that by being more open, than their own parents
were with them, and integrating finance into the school syllabus, their
children are more likely to be able to cope with the challenges of their
personal finances. A fifth of today's parents said that their mothers or
fathers had the most influence over how they manage their own personal
finances.

M&S Money works with the DebtCred financial literacy project,
which was established as a charity in 2003. The primary aim of DebtCred is to
prepare school pupils for university life or employment by educating about
the sensible use of credit, personal financial management and the hazards of
over indebtedness. Employee volunteers from M&S Money deliver financial
literacy presentations to high school students in the Cheshire region.

Colin Kersley, Chief Executive of M&S Money, said: "Having
been through one of the most complicated couple of years for family finances
the importance of getting things right for the future has never been more
important. Too many of today's parents are not yet confident about the
nation's efforts to improve financial awareness and ability for the next
generation.

"Providing practical guidance in schools as well as offering
simple and transparent products is really important. The goal that our
children will be more able to handle their own finances is worthwhile and one
that industry, consumers and Government must work on together."

Notes to Editors:

* Opinium Research carried out an online poll of 2001 British adults from
25th to 30th August 2010. Results have been weighted to nationally
representative criteria.

About M&S Money:

M&S Money (the trading name of Marks & Spencer Financial Services) was
founded in 1985 as the financial services division of Marks and Spencer Group
plc, making 2010 the company's 25th anniversary.

The company is a top-ten credit card provider and the second-largest
travel money retailer in the UK. M&S Money also offers a range of insurance
cover, including home owners insurance (
money.marksandspencer.com/insurance/home-insurance/overview/), car
insurance cover (
money.marksandspencer.com/insurance/car-insurance/overview/), pets
insurance (money.marksandspencer.com/insurance/pet-insurance/overview/
) and travel insurance cover (
money.marksandspencer.com/insurance/travel-insurance/overview/), as
well as loans, savings and investment products.

In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings
plc, the parent company of the HSBC Group, is headquartered in London. The
Group serves customers worldwide from around 8,000 offices in 88 countries
and territories in Europe, the Asia-Pacific region, the Americas, the Middle
East and Africa. With assets of US$2,364 billion at 31 December 2009, HSBC is
one of the world's largest banking and financial services organisations. HSBC
is marketed worldwide as 'the world's local bank'.

    PR Contact:
    Simon Coughlin
    Media Relations Manager
    M&S Money
    8 Canada Square
    Canary Wharf
    London
    E14 5HQ
    +44(0)20-7992-1574
    money.marksandspencer.com

PR Contact: Simon Coughlin, Media Relations Manager, M&S Money, 8 Canada Square, Canary Wharf, London, E14 5HQ, +44(0)20-7992-1574, money.marksandspencer.com