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Millennials shown to lack financial education

15 November 2018

While the vast majority of millennials recognise the importance of saving money for the future, more than half (55%) have no financial plan in place, new research by Moneybox has revealed.

More than three quarters (77%) admitted they have no clear idea of where they’ll be financially in 10 years’ time.

The research, which surveyed more than two thousand 18-35 year olds, highlighted a lack of financial education, with 72% unsure of which financial products best suit their needs and 38% not aware of what an ISA is. Almost half (49%) don’t know the advantages of investing in shares versus cash.

As a result, nine out of 10 said they wished they had received financial education in school, with over three quarters (76%) admitting they don’t have the information they need to plan for their financial future.

Moneybox announced the findings of its research to mark the launch of its “Moneybox Academy” – an education series designed to help people plan for the future. The Money Academy covers investing topics such as compounding, volatility, active versus passive funds and pound-cost averaging with the aim of giving young people the confidence to make financial decisions.

As part of the initiative, Moneybox is also holding a series of education workshops, with the first recently attended by a selection of Moneybox customers.

Ben Stanway, co-founder, Moneybox, said: “At a time when it is arguably more important than ever for young people to save and invest for the future, the need for better financial education and literacy is even greater.

Stanway added: “For too long, support for those who want to save and invest has been geared to the wealthy. As a society we need to better equip the next generation with the tools and information they need to be able to plan their financial future more effectively.”