MyBnk supported research has provided a fresh snapshot of financial parenting in the UK.
The report from the female-focused financial wellness platform SmartPurse analysed data from more than 250 UK parents alongside insights from MyBnk and nimbl.
Only one in ten parents actively teach their children about pension planning and just a fifth about investing. 87%% said better resources would improve their child’s financial education.
The report also cites MyBnk’s 2020 research on the gender financial capability gap – where we discoved young females have less financial confidence and suffer more money related mental health issues than males. This capability gap was starker at school age but, with intervention, closes and later overtakes the abilities of males.
SmartPurse’s analysis found women were 250% more likely to rate their financial confidence below 30% than men.
MyBnk is currently offering a range of both fully funded and part funded financial education sessions across our programmes. See our full offering here.
