There’s been a 10% increase in the number of 15 to 18-year-olds who want to learn more about money and finance in school, according to the latest Young Persons’ Money Index from The London Institute of Banking & Finance (LIBF).
82% of young people want to learn more about money and finance in school, compared to 72% in 2021/22, but very few have regular access, the survey shows. Most want to learn about different financial products, as well as money management, budgeting, debt, and tax.
In addition, the number of children and young people exposed to email scams, phishing and other fraudulent activities (53%) highlights the need for a better understanding of the potential risks to their financial security. This is especially true considering that most young people opt for some kind of digital banking, which comes with its own security risks.
These are the core findings from the latest Young Persons’ Money Index, annual research by LIBF to assess the take-up and impact of financial education in schools.
Next year marks the 10-year anniversary of financial education being introduced onto the national curriculum. LIBF has been reporting on financial education in schools since 2014, but there’s been little positive change in the core results. Nearly a decade on, money worries among young people remain high – as does the desire for more effective and frequent financial education in schools.
Catherine Winter, MD, 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.”
The research found:
- 82% want to learn more about money and finance in school
- 68% of young people surveyed said their financial understanding and knowledge mainly comes from their parents
- Only 8% cite school as their main source of financial education
- 70% say that cost of living increases has made them feel more worried about money
- That increases to 83% in the 17-18 age group
- Those who say they regularly worry about money remains high at 68%
- That increases to 85% in the 17-18 age group
- Of the 62% who say they have received financial education of some sort in school, access remains patchy.
- Only 10% said they’d had access in the last week
- 22% said within the last month
- 13% said within the last term
- 37% said it had been more than a year or they couldn’t remember
When asked at what age they’d like to start learning about money:
- 52% said between the ages of 11–14
- 27% said between the ages of 15–18
- 16% said 10 and under
What would young people like to learn more about?
- Financial products – such as mortgages, pensions, loans and credit cards – along with budgeting and debt management came top, followed closely by tax
- 72% said they hadn’t received any information about tax in school
- 47% do not know or are unsure how a student loan works
- 26% would like to learn more about pursuing a career in the finance sector