Financial education fails to cut through to young adults

Five years after its introduction onto the national curriculum, students still say they are not getting enough access to a comprehensive financial education and that they worry about money. They want to learn more about the practicalities of managing money – budgeting, debt management, tax and how products work. And well over half (60%) would like this to be a separate subject.

The findings are from the latest Young Persons’ Money Index, an annual research tracker run by The London Institute of Banking & Finance to assess the take-up and impact of financial education in schools. The research found:

Today, 64% of students say they have access to financial education compared to only 29% in 2015. That’s a big difference.

However, most are taught financial education as part of other subjects and the majority don’t receive financial education regularly.

  • Only 18% had access within the last month
  • 16% only in the last term
  • 17% only in the last year
  • 15% more than a year ago
  • The numbers who say they get most of their financial knowledge and understanding outside of school – from their parents and/or self-learned online – remain high (86%).
  • It is significant therefore that the majority also say they would like to learn more in school (82%) and regularly worry about money and their personal finances (69%).
  • When asked how they would like to learn more about money, 60% would prefer to learn this as a separate subject.
  • Learning more about financial products such as mortgages and credit cards, tax, budgeting and debt management are their top priorities.

 

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