Nine in 10 Brits who received 'no formal education' on money wish their children would

Abigail Fenton
·2 min read
Most parents think secondary schools should dedicated classes to finances. (William Iven/Unsplash)
Most parents think secondary schools should dedicated classes to finances. Photo: William Iven/Unsplash)

The vast majority of Brits have never received any kind of formal education about money and do not want the same for their children, research suggests.

Nine in 10 UK adults did not receive any kind of financial education at school – either on specific topics such as taxes, or in general, according to a survey by cashback site TopCashback.

Additionally, over half (51%) were not provided with any supplementary information about money outside of school – either from parents, friends or otherwise – with almost as many (45%) having to teach themselves about financial matters.

For parents, the overwhelming majority – a whopping 95% – would like to see their kids' schools dedicating classes or more time in general to teaching them the importance of money management.

Three in five picked secondary school as the ideal place or age to start this learning.

READ MORE: Millions of Brits confused about how mortgages work

Brits said the areas of finances where they have the most significant gaps in knowledge were investing (60%), pensions (56%) and taxes (47%) came out on top.

On the flip side, savings (65%), budgeting (64%), and banking (60%) scored the highest in terms of having a solid understanding.

However, despite most people agreeing that they have a sound knowledge on budgeting, this was picked as the subject they feel they would have benefitted the most from, had they learnt about it growing up, with one in five agreeing.

Brits said they primarily use money saving websites and blogs (63%), independent financial advisers in the public eye (59%) and their bank's website (35%) to inform and educate themselves now.

“Money is something many seldom learned about while at school, and judging by the numbers, it’s still an overlooked or undervalued topic of education,” said Abigail Yearley, spokesperson for TopCashback.

READ MORE: One in 10 over-55s in the UK have no pension

“Understanding the value and importance of money from a young age will instil a level of confidence that many would find extremely useful later in life, and for those lacking in awareness, it’s vital [they] continue to educate [themselves].

She added: “For those who are parents, it’s imperative to start teaching your children about money as early as possible, and always be prepared to supplement their learnings from school.

“Simple things like earning pocket money, rather than an allowance, or teaching them about shopping budgets, can help to create a healthy curiosity and attitude towards money.”

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