Being confident with money and understanding key financial concepts is increasingly being seen as a core life skill.
In fact, research from Money Ready shows that seven in ten (70%) people rate financial literacy as being as important as learning to drive.
Yet many feel the current education system isn’t doing enough to prepare people for real-world money decisions.
According to the research, nearly three-quarters (74%) of UK adults believe schools are not providing enough financial education.
And significantly, almost seven in ten (68%) think financial education should also be available in higher education and workplaces
Employers can make a positive difference
The findings send a clear message to employers and are a valuable reminder that they’re well-placed to help educate people about money.
If people are entering the workforce without strong financial foundations, the impact doesn’t stay at home.
It follows them into work and manifests as poor concentration, low productivity and worsening morale, as well as higher staff turnover and absenteeism.
So it’s in everyone’s interests for employers to take the lead on closing the financial literacy gap, so every member of the team can arrive at work focused on the job and performing at their best.
Brits feel they didn’t learn about money early enough
It’s clear there’s an appetite for more financial education, as the Money Ready study found that many people feel they discovered important financial skills too late.
Figures showed that over a third (35%) believe they didn’t learn key money skills early enough to fully benefit from them.
And that has a real-world impact, such as not being able to manage your household budget and missing out on compound interest on a pension.
When asked what they wished they had learnt earlier, nearly four in ten (38%) said how to invest and grow their money.
This was followed by:
- how pensions work and why starting early matters - 34%
- budgeting and managing bills - 27%
- how credit scores work - 22%
“We are seeing a massive public consensus that current levels of financial literacy are just not up to scratch,” said Leon Ward, chief executive of Money Ready.
“By the time many people realise what they don’t know, they have already missed out on years of potential financial growth and opportunities.”
Written by James Glynn
Senior Financial Content Writer
