In partnership with Visa, MyBnk is proud to release new research for Global Entrepreneurship Week on the critical role of financial literacy in entrepreneurship among young people aged 16-24. This research highlights a significant gap in financial confidence between age groups, revealing that only 40% of 16-24-year-olds feel confident managing their money, compared to 82% of those over 64. The findings underscore the need for targeted, credible financial education as a foundation for young people to successfully navigate their financial futures and explore entrepreneurial pathways.
Many young people today are keen to make their own money, particularly through digital opportunities. However, they are less likely than older adults to start businesses. MyBnk trainers working with young people across the UK emphasise that they face challenges in finding reliable financial guidance, often turning to social media, where information is not always accurate or trustworthy.
Key Findings from the Research:
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Financial Literacy Is a Building Block for Entrepreneurship
- 73% of UK adults agree that financial literacy is fundamental to entrepreneurial success.
- Yet, while 24% of adults have experience running a business, only 14% of young people have taken this step.
- Furthermore, men are more likely than women to start businesses (25% vs. 18%).
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Young People Lack Financial Confidence and Control
- Only 40% of young people aged 16-24 feel confident managing their money, compared to 82% of over-64s.
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The Importance of Reliable and Accessible Financial Guidance
- MyBnk trainers report a “gap in the market” for reliable resources that support young people’s entrepreneurial journeys, especially as more and more young people seek to enter the digital economy.
Building a Path Forward
In light of these findings, MyBnk and Visa are calling on policymakers, educators, and community leaders to recognise the need for targeted, practical financial education that combines skills for both financial literacy and entrepreneurship. The recommendations of the research include:
- The UK should contribute to OECD’s PISA study about young people’s financial literacy.
- Financial support that is available for young people to set up their own business should go hand-in-hand with financial literacy support.
- Incorporate financial and enterprise education as part of the new government’s commitment to review of the national curriculum.
Creating a Financially Fluent Population
Through this partnership and the release of this research, MyBnk and Visa aim to give young people the tools to make smart, informed choices about their financial future. Financial literacy is not just a skill; it’s a language for life. This Global Entrepreneurship Week, we urge young people to take one step towards their business dreams.
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About MyBnk
MyBnk is a charity dedicated to creating a financially fluent population. We work with over 40,000 people across the UK every year, delivering expert-led, high-impact financial education programmes. We bring the language of finance to life so that everyone can navigate their money with confidence, no matter where they started. www.mybnk.org.
About Visa
Visa is a world-leading digital payments network that removes barriers and connects people to the global economy. Financial inclusion is at the heart of what Visa does – it’s aligned with their purpose of uplifting everyone, everywhere by being the best way to pay and be paid. With partners like MyBnk, Visa is empowering people from all walks of life with the financial resources and skills they need to help them take their next step. https://www.visa.co.uk/empowerahead/our-work-in-action.html.
