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88% of UK adults want financial education, just 12% get it.

 

The UK leads the way in its support for financial education in schools compared to our European counterparts, according to an ING study.

However, we are below the European average when it comes to actually receiving it. That is less than one in eight – although 18-24 year olds are more likely than any age group to have money lessons.

These findings closely mirror MyBnk’s six year experience delivering financial education and enterprise projects  to tens of thousands across hundreds of secondary schools and youth groups – demand for our programmes has grown year on year across all age ranges and backgrounds.

Also interesting are the various sources for financial literacy. Romanians are more likely to be self-taught in money matters, where Austrians usually learn at school.

It seems the momentum for financial education is very much with the UK.

In maintained secondary schools from September 2014 lessons in budgeting and public spending will be taught in Citizenship during Key Stages three and four and financial equations in Maths Key Stage three.

The argument for financial education in the UK has been rightly won, however, the battle for effective and impactful money lessons in a crowded curriculum has just begun.

Our task now is to ensure quality, not to mention support for those older students who miss out on money management lessons altogether.

We also can’t forget the many young people who will not benefit from such initiatives in need of help with things like budgeting and responsible borrowing.  If anything, it is here where the demand for financial education needs now to be loudest.

For more on our thoughts on the new National Curriculum and how it will effect financial education, see our dedicated web-portal for teacher briefings and mapping.

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