Nine in ten believe we will be poorer in the future without financial education

New research by the People’s Partnership has revealed how the majority of adults think that without financial education, we will all be poorer in the future, and we are failing future generations if we don’t equip them with financial literacy.

The data shows that nine in ten (85%) of adults believe that without financial education, we will all be poorer in the future. 91% of adults say we are failing future generations if we don’t equip them with financial literacy, and the same proportion also agrees that financial education should prioritise long-term planning, not just short-term needs.

A further 88% believe pensions should be taught in schools. Whilst 80% wish they had received financial education themselves at school, and 74% are worried about the financial future of children in the UK. There’s even support for re-prioritising the school curriculum, with 74% agreeing that financial education should take precedence over some existing subjects.

Alarmingly, 21% have never heard the term ‘financial education’, particularly among women (24%), older adults (55+: 31%), and C2DE groups (29%).

The publication of the research comes as People’s Pension announces a significant update to its member app, integrating financial wellbeing platform, nudge which they believe will help tackle the UK’s financial education gap.

David Meliveo, Chief Commercial Officer at People’s Partnership, said “This new research highlights an urgent need and desire for accessible financial education and support in the UK. It’s very clear to me that the British public feels let down in this area, meaning it’s vital that organisations like ours step up and fill that gap.

“We’re thrilled to announce the integration of nudge into mobile app – a game changer for financial well-being, with proven impact – 94% of nudge users feel confident managing their money, compared to just 78% of non-users6. By bringing this tool to our seven million members, we’re closing the financial knowledge gap and empowering people to make smarter, more informed decisions about their financial future.”

Tim Perkins, CEO and Co-Founder, nudge, said: “Our mission at nudge is to make financial education accessible, practical, and engaging for everyone. The new app integration, combined with an enhanced user experience, will help deliver on that promise to the members of People’s Pension.”