A lack of financial education will leave future generations poorer, new research from People’s Pension has found.
More than eight in 10 (85%) adults believe that without financial education, people will be poorer in the future and 91% say we are failing future generations if we do not equip them with financial literacy.
The same proportion also agree financial education should prioritise long-term planning not just short-term needs.
David Meliveo, chief commercial officer at People’s Partnership, said: “This new research highlights an urgent need and desire for accessible financial education and support in the UK. It’s very clear to me that the British public feels let down in this area, meaning it’s vital that organisations like ours step up and fill that gap.”
Four-fifths (80%) of adults surveyed wish they had received financial education themselves at school and 74% are worried about the financial future of children in the UK, while the same number also agree that financial education should take precedence over some existing subjects.
People’s Pension said that worryingly, a fifth (21%) of respondents had never heard the term ‘financial education’.
The workplace pension scheme has updated its own member app, integrating financial wellbeing platform nudge, to help tackle the financial education gap. Members can access personalised well-being resources, including budgeting calculators, planning tools, and tailored content aligned to life stage and goals.
Meliveo said: “By bringing this tool to our seven million members, we’re closing the financial knowledge gap and empowering people to make smarter, more informed decisions about their financial future.”
Tim Perkins, CEO of nudge, added: “Our mission at nudge is to make financial education accessible, practical, and engaging for everyone. The new app integration, combined with an enhanced user experience, will help deliver on that promise to the members of People’s Pension.”
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