87% of 11-18-year-olds have limited knowledge about managing money

17th May 2022

New research by Yorkshire Building Society has found that nearly nine out of ten (87%) 11-18-year-olds have limited knowledge about managing money with 14% say they know nothing at all about money management.

Only around a third (36%) of 11-18-year-olds in the UK surveyed say they have learnt about finances at school despite it being part of the curriculum for secondary schools across the UK. In a bid to help more pupils learn more earlier, the Society is calling on the government in England to include financial education on the national curriculum for primary school children to mirror what’s already done in Northern Ireland, Scotland and Wales.

Stephen White, Interim Chief Executive of Yorkshire Building Society, said “We know learning how to effectively manage finances is a vital life skill. Our research has shown that too many children have limited knowledge around money management and financial issues. We really want to engage teachers, children and young people in the UK to improve financial education.”

“We have developed Money Minds online as part of our purpose of helping real life happen. We’re committed to helping build the financial wellbeing of our communities and believe that starts with laying great foundations for our young people to understand money, finances and careers. Ultimately, we want to improve financial capability in the UK.”

“We’re also calling on the government in England to give children in the country the best grounding in financial education that they can – on a par with their peers in Northern Ireland, Scotland and Wales – by introducing financial education to the national curriculum for primary schools in England.”

Janet Sheriff OBE CEO of Collaborative Learning Trust a leading Academy Trust based in West Yorkshire, said “It is so important to intervene as early as possible when it comes to financial literacy for young people. If primary aged pupils in England gain access to financial education, it will help make sure the next generation have the best possible chances when it comes to understanding the complex world of personal finance.”

“With such a high number of young people with limited or no money management skills, there is a real possibility that the next generation will struggle to make ends meet in an already challenging personal finance landscape.”