Research on financial education provision for UK teenagers published

The Young Person’s Money Index, an annual research report commissioned by the London Institute for Banking and Finance, was published this week. The report draws on a survey of more than 2000 teenagers aged between 15-18 to examine the attitudes and behaviours of UK students in relation to money and personal finance.

The report is set out in three key sections: the current state of financial education in schools and colleges; the behaviours and attitudes of young people in the UK; and the survey in the context of the All-Party Parliamentary Group (APPG) on Financial Education for Young People.

The key findings of the survey in regard to financial education are:

  • 58% of students do not receive any form of financial education in school or college
  • fewer female students (36%) receive financial education than boys (45%)

In terms of financial confidence and behaviours, the survey found that:

  • 80% of students name their parents or family as their prime source of financial understanding
  • half of the UK teenagers surveyed felt they had enough knowledge to manage their own money, but 61% said they had money worries

Finally, the report sets out its findings in a broader context, drawing on the work of the APPG on the financial capability of young people. These findings include that:

  • the level of financial education students received varied depending on where they are based in the UK
  • when delivered, financial education appears to improve teenagers’ confidence and understanding

The NGA supports the view that financial education should be included as part of Personal, Social, Health and Economic (PSHE) education. This should also be within a broad and balanced curriculum that provides young people with the skills and knowledge needed for adult life. NGA supports the view that PSHE should be a statutory subject in all state-funded schools.

Published: 09/12/2016, by Tom Fellows
Last Updated: 05/09/2018, by Tom Fellows