Over half of Brits wish they had learnt about savings and pensions in school

16 June 2023 , 11:33

1035     0

Over half of Brits wish they had learnt about savings and pensions in school

Seven in ten Brits (69%) feel they have struggled to cope with the current cost-of-living crisis – as a result of a lack of financial education at school.

Just a quarter (26%) of young adults, aged 18-34, feel they were taught a “sufficient” level of financial education at primary school – while 29% say this came later, during their secondary school years.

But the older generation were even worse off in terms of a financial curriculum – with just 4% of over-55s learning about this at primary school, and 6% in secondary school.

Overall, three-quarters, of the 2,000 adults polled, believe their financial education in their school days was either inadequate – or non-existent.

And over half (52%) said the top thing they wish they had been taught in schools, when it comes to money, was about savings and pensions.

Nursery apologises after child with Down's syndrome ‘treated less favourably’

Hazelbury Primary School becomes the first in the UK to receive Santander's new Financial Education Recognition award (Santander UK)

As a result of their own financial education gap, almost two-thirds (62%) said they would be “more likely” to send their child to a school specialising in this subject.

And the top piece of money management advice they would pass on to their offspring would be to not spend beyond your means.

The study was commissioned by Santander UK, which has partnered with Twinkl to launch the Financial Education Recognition Scheme, for schools which commit to teaching financial education each year.

Mike Regnier, of Santander UK, who helped launch the scheme by co-hosting a lesson on this subject to pupils at Hazelbury Primary School in North London, said: “We see daily the impact that poor money management can have on people’s lives.

“Our research shows the importance of financial education in shaping children’s futures, and ensuring they can manage their finances confidently in adulthood.

“The Financial Education Recognition Scheme will give the deserved credit to schools that participate in vital financial education for the next generation.”

It also emerged that 57% believe they could have made better financial decisions during adulthood, if they had been better educated in their formative years.

And Jonathan Seaton, CEO of Twinkl, which works with Santander to deliver The Numbers Game – free, curriculum-friendly learning materials, created by teachers – added: “Understanding money, and how to manage it, is a key skill used throughout life.

“And this is why we are so passionate about seeing this taught from an early age.”

Since 2022, The Numbers Game has been used by more than 100,000 teachers within 8,300 schools, and benefited an estimated 1.9 million children and young people across the UK.

Striking teacher forced to take a second job to pay bills ahead of mass walkout

Martin Winter