2020-21 findings

• A significant number (75%) say that most of their financial understanding and knowledge comes from their parents. That number increases to 88% when those who say they are self-taught are included. Only 8% cite school as their main source of financial education
• The percentage who say they worry about money remains high at 67% (2019: 69%)
  - That increases to 82% in the 17–18 age group (2019: 82%)
• 59% say that Covid-19 has made them feel more anxious about money
• 83% want to learn more about money and finance in school – a 1% increase compared to last year.

• Financial products – such as mortgages, pensions, loans and credit cards – along with budgeting and debt management came top, followed closely by tax
  - 77% said they hadn’t received any information about tax in school (2019: 78%)
  - 41% do not know or are unsure how a student loan works (2019: 37%)
  - 32% would like to learn more about pursuing a career in the finance sector.

When asked at what age they’d like to start learning about money:

• 54% said between the ages of 11–14
• 27% said between the ages of 15–18
• 7% said from the age of ten, with only a few suggesting younger ages.

Of the 64% who say they have received financial education of some sort:

• 19% had access only within the last month
• 8% only within the last term
• 18% only within the last year
• 15% more than a year ago.

Our comments

Catherine Winter, our MD of Financial Education and Community Outreach says:

"For many schools – battling with all the challenges of the pandemic – implementing better financial education may not seem like it can take top priority right now. Meanwhile, Covid-19 is making many young people (59%) more anxious about their money-managing skills, particularly in the 17–18 age group (71%), with 67% saying they regularly worry about money overall.

“Young people say they want to learn the practical skills that will help them prosper in life; to understand the financial products they're likely to use, such as mortgages, loans (particularly student loans) and credit cards; and to be able to budget and understand their tax.

“Money confidence is a vital life skill. It should be included in the Ofsted Framework – so that it becomes a priority in schools around the UK and the impact of any financial education can be measured."

• We are the awarding body for dedicated financial education qualifications at Levels 1, 2 (GCSE equivalent) and 3 (A Level equivalent). We also have an eLearning programme (Lessons in Financial Education – LiFE) which requires no teacher or classroom time and can be studied at both Level 1 and 2. These all cover the essential elements of managing money well, to build financial confidence and resilience.

 
Find out more about our financial education qualifications