News & insights

Young Persons' Money Index


The Young Persons' Money Index is an annual survey that tracks the take-up of financial education in UK schools. It also examines the attitudes, behaviours and experiences of UK students regarding money and personal finance. We’ve been tracking this since financial education was introduced onto the national curriculum in September 2014. 

For the 2022/23 edition we surveyed more than 2,000 young people aged 15-18 on their access to financial education, their confidence and behaviour with money, their use of financial services and their levels of financial education and knowledge.

 “In our view the true benefits of an increased focus on numeracy skills will only be realised if students can then apply those skills to real-world situations. Learning about how the finance sector works, different types of financial products, and key concepts – such as budgeting and debt management – would bring numeracy to life, because it’s clearly relevant to everyday lives today and for the future.”  

2022-23 findings

Overall, 82% of young people want to learn more about money and finance in school – an increase of 10% on last year (72%)

  • That number rises to 85% among 17 to 18 year olds  

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

  • 52% said between the ages of 11–14  

  • 27% said between the ages of 15–18  

  • 16% said 10 and under  

The cost of living crisis has led to 70% of young people feeling anxious about money 

  • That number rises to 83% among 17 to 18 year olds  

What access do young people have to financial education?  

  • Only 62% of young people reported having access to some sort of financial education in school. That’s a significant drop compared to 73% last year.   

  • In the 17 to 18 age group, that number drops further to 58%. 

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 has not changed from last year.  

  • When asked about specific areas of knowledge: 

  • 72% said they hadn’t received any information about tax in school – an increase of 10%  

  • 47% say they don’t understand how a student loan works – an increase of 9%  

  • 26% would like to learn more about pursuing a career in the finance sector  

Where do young people get their financial understanding from? 

  • Nearly two thirds (68%) say that most of their financial understanding and knowledge comes from their parents, up from 56% last year, although there are again differences between the age groups  

  • 15 to 16: 78%  

  • 17 to 18: 59%  

  • 19% say they are self-taught, which is a drop from 25% last year 

Only 8% cite school as their main source of financial education, which is a significant drop from 15% last year 

Our comments 

Catherine Winter, MD, Financial Capability at The London Institute of Banking & Finance says: 

“We’ve been advocating for good quality financial education in schools since 2012 and providing qualifications and learning resources to schools for over ten years. However, while financial education is on the curriculum, how it’s taught, for how long, and the course content, isn’t specified. As can be seen from our research, financial education is often squeezed into other subjects as it jostles for classroom time – and very few young people get regular access.  

In our experience, the missing pieces of the current numeracy and financial literacy equation could start to be answered if the subject becomes part of the Ofsted Framework. That would ensure that it could be prioritised and measured effectively.”

Our research found that:

  • young people want more financial education at schools, as well as more regular access to it
  • they are worried about money, particularly in the older age groups 
  • the cost of living has also increased money worries among young people 
  • they see financial products such as mortgages, pensions and savings, as a learning priority 
  • a high number of young people experience scams, phishing or fraud on a daily basis  

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 e-learning 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. 

Our Level 2 Technical Certificate in Finance (TCF) is designed to give students a detailed introduction to the world of finance. They learn about financial services, financial products, and finance in business, whilst developing transferrable skills required for a successful career within the sector. 

Young persons money index 2019