With the annual Talk Money Talk Pensions Week underway. The Money Charity, the UK’s financial capability charity, has highlighted the low levels of confidence with money across the UK with 2 in 3 consumers admitting that they don’t feel confident about managing their money. Only 1 in 2 think that they are a confident and savvy consumer. Whilst just 1 in 4 feels they know enough about pensions to make good decisions
Recent survey figures say nine million adults often use a credit card, overdraft or borrowed money to buy food or pay bills, while 11.5 million say they have less than £100 in savings. 22 million adults do not feel that they understand enough about pensions to make decisions about saving for retirement and, despite financial education being on the curriculum since 2014, only 38% of 7-17-year-olds say they learned about how to manage money at school.
Across the UK, around 1 in 6 people rate themselves as having low or very low financial confidence in their ability to manage their money or in knowing about money matters, while 63% of the UK do not feel they can determine what happens with money in their lives.
Erik Porter, Acting Chief Executive at The Money Charity said “The numbers may make for worrying reading but we remain convinced that everyone in the UK can manage their money well. That’s why for 25 years we’ve worked with people to help them develop the skills, knowledge, attitudes and behaviours they need to make the right financial decisions for themselves and their families.”
“This Talk Money Talk Pensions Week, and beyond, we would warmly encourage people across the UK to find out more about the work we do and get in touch, whether that’s booking a workshop for your workplace, community group, school or college, downloading or ordering some of our resources, or even supporting our work, we’d love to hear from you.”