As many as nine in ten Britons did not receive any financial education at school, a survey for The Mail on Sunday reveals.
In fact, almost half say they have had to teach themselves, the research from cashback website TopCashback found.
Counting the cost: As many as nine in ten Britons did not receive any financial education at school
Financial literacy has been part of the National Curriculum since 2014. But many schools still do not teach standalone money lessons while academies and independent schools are not obliged to teach it at all.
Sixty per cent of those surveyed said there were significant gaps in their knowledge of investing, while 56 per cent said they did not know enough about pensions. In contrast, people were more likely to have a solid understanding of saving, budgeting and banking. As many as 95 per cent of parents surveyed said they would like to see their child’s school dedicating classes – or more time – to money management lessons.
TopCashback’s Abigail Yearley says: ‘Learning about money is something many of us did not have the opportunity to do at school. Judging by our research, it’s still an overlooked or undervalued topic of education. Understanding the value and importance of money from a young age will instil a level of confidence that many of us would find extremely useful later in life.
‘For those of us lacking in financial awareness, it’s vital we continue to educate ourselves.’ Yearley recommends teaching children about money as early as possible, through simple things such as ‘earning’ pocket money and making shopping budgets.
The Money Advice Service also suggests encouraging children to see and handle notes, coins and cards so they become familiar with money as a part of everyday life.
