THREE-quarters of Brits claim they received either inadequate financial education at school – or none at all.
The study of 2,000 adults found 62% would be ‘more likely’ to send their child to a school specialising in this subject as a direct result of their own lack of education in money management.
Three-quarters of Brits say they didn’t receive a great education
The study was commissioned by Santander
More than two thirds (69%) blame this knowledge gap on their difficulties navigating the current cost of living crisis.
When asked what one piece of advice they would pass on to children around managing their money, the top answer was to not spend beyond your means.
The study was commissioned by Santander UK, which has partnered with Twinkl, to launch the Financial Education Recognition Scheme for schools which commit to teaching financial education each year.
Mike Regnier of Santander UK, who helped launch the scheme by co-hosting a lesson on this subject to pupils at Hazelbury Primary School in North London, said: “We see daily the impact that poor money management can have on people’s lives.
“Our research shows the importance of financial education in shaping children’s futures and ensuring they can manage their finances confidently in adulthood.
“The Financial Education Recognition Scheme will give the deserved credit to schools that participate in vital financial education for the next generation.”
The study also found just 26% of adults aged 18 to 34 received ‘sufficient’ financial education while at primary school – rising slightly to 29% during their time at secondary school.
But these figures were much lower among those aged 55 and above – primary school (4%) and secondary school (6%).
And it emerged the number one thing everyone polled wish they’d learnt at school in relation to money is savings and pensions (52%).
While 57% believe they could have made better financial decisions during adulthood if they’d been better educated in their formative years.
Jonathan Seaton, CEO of Twinkl, which works with Santander to deliver The Numbers Game – free, curriculum-friendly learning materials created by teachers, said: “Understanding money and how to manage it is a key skill used throughout life.
“And this is why we are so passionate about seeing this taught from an early age.”
Since 2022, The Numbers Game has been used by more than 100,000 teachers within 8,300 schools and benefited an estimated 1.9 million children and young people across the UK.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]