2021-22 findings
Anxiety in young people about finance has increased to 81% from 67% last year.
- 67% say that Covid-19 has made them feel more anxious about money
- That rises to 73% among 15–16 year olds.
Overall, 72% want to learn more about money and finance in school. That rises to 85% among 17–18 year olds.
- Asked at what age they’d like to start learning about money:
- 56% said between the ages of 11–14
- 25% said between the ages of 15–18
- 8% said from the age of ten
- 15% said ten and under
What would young people like to learn more about?
- Financial products – such as mortgages, pensions, loans and credit cards – along with budgeting and debt management came top, followed closely by tax. This is the same as last year
- There have been improvements in some specific areas of knowledge
- 62% said they hadn’t received any information about tax in school – a reduction of 15%
- 36% say they don’t how a student loan works – a reduction of 5%
- 32% would like to learn more about pursuing a career in the finance sector
So what access are they getting to financial education?
- 73% of young people report having access to some form of financial education in school. That’s an increase of over 10%, with the rise particularly marked in the 15–16 age group.
- 88% of 15–16 year olds
- 61% of 17–18 year olds
- The percentage of those who had access ‘Within the last term’ was less than 50% (46%). That’s a big increase on last year (27%), but there are significant differences between the age groups.
- 65% of 15–16 year olds
- 27% of 17–18 year olds
Where do they get most of their financial understanding?
- Just over half (56%) say most of their financial understanding and knowledge comes from their parents. That’s an improvement compared to last year (75%), but there’s a big difference between the age groups:
- less than half of 15–16 year olds (43%)
- compared to more than two thirds (68%) of 17–18 year olds.
Only 15% cite school as their main source of financial education – but that’s a 7% increase on last year.
- 25% of respondents say they’re self-taught – up 12% on last year.
- Worryingly, of those, the 15–16 age group are more likely to say ‘self-taught’ – 31%, compared to 19% of 17–18s