The London Institute of Banking and Finance (LIBF) today published its annual Young Person’s Money Index. The Index tracks the impact of financial education on young people in the UK following its inclusion in the national curriculum in 2014.
It shows that whilst access to financial education is slowly increasing, and having positive impacts, delivery in schools is inconsistent and some students are being left behind.
The findings show that a majority (62%) of young people say they worry about money and are increasingly being exposed to financial crime or are at risk of being ‘mis-sold’ financial products.
Alison Pask, Managing Director, Financial Capability and Community Outreach at LIBF, said:
“Many of the findings in this year’s Young Person’s Money Index are encouraging. They show that access to financial education is slowly increasing and that education is having a positive impact on young people’s ability to manage their money.
“However, there is still work to be done. Only half of 15-16 years olds have access; and groups such as girls, those from lower income households and those from certain regions of the country are being left behind. There are also significant numbers who say they are exposed to financial crime or are offered inappropriate products; and money worries affect the majority.
“While efforts made so far are commendable, more work is needed across the sector to ensure that the delivery of financial education consistently does what it’s meant to do – equip all young people with the skills they need to get good outcomes when managing their money. The findings also show that parents too have a key role to play.”
Key findings from the Young Persons’ Money Index 2017
Read the full version of the 2017 Young Persons' Money Index.
- The number of young people receiving financial education in school has increased by 5% to 44% (2016: 39 per cent), with exactly half of 15-16 year olds saying they now have access. However delivery isn’t consistent, leading to different outcomes, and there are clear differences depending on region, gender and socio-economic group.
- 55% of young people say they have enough knowledge to handle their money independently; however there’s evidence to suggest that increased confidence may not translate to genuine understanding.
- Significant numbers report being exposed to financial crime and/or being targeted with inappropriate products.
- A majority (62%) say they worry about money.