The number of young people wanting to learn more about money and finance in school has risen by 10%, the latest Young Persons’ Money Index from The London Institute of Banking & Finance has shown.
Four fifths (82%) of young people want to learn about money and finance, compared to 72% in 2021/22, but very few have regular access.
More than two thirds (68%) of young people said their financial understanding and knowledge mainly comes from their parents, while only 8% cite school as their main source of education.
The research shows that most people want to learn more about different financial products, as well as money management, budgeting, debt and tax, with 70% admitting that the cost-of-living increases have made them feel more worried about money, increasing to as much as 83% in the 17-18 age group. Despite this, 72% said they hadn’t received any information about tax in school and 47% do not know how a student loan works.
In addition, 53% of children and young people have been exposed to email scams, phishing and other fraudulent activities, suggesting a greater need for education around financial security.
Of those who received financial education of some sort in school, only 10% said they’d had access in the last week and 22% said within the last month.
Catherine Winter, managing director of financial capability at The London Institute of Banking & Finance, says: “Introducing financial education onto the curriculum hasn’t made a big enough impact for most young people, even after nearly a decade. We support calls for financial education to become part of the Ofsted Framework, which would be a step change in both highlighting its importance and measuring its impact.
“While we also support any proposals that might improve numeracy, the true benefits will only be realised if they can then apply those skills to real-world situations – to bring the subject to life. That’s what young people tell us they want – and that’s what they need. Financial knowhow and numeracy are critical skills for society and individuals to flourish.”
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