Three-quarters feel their financial education was inadequate

Three-quarters of people feel their financial education was inadequate or non-existent, impacting their ability to navigate the cost-of-living crisis.

A study commissioned by Santander found that 69% of people feel they have struggled to cope with the current cost-of-living crisis due to a lack of financial education at school. Just 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. Over two thirds (68%) of parents believe teaching children about money should start young and be on the primary school curriculum.

Overall, three-quarters of the 2,000 adults polled believe their financial education in their school days was lacking.

There is increasing evidence of the need for better financial education. Three in four (75%) of adults in the UK said that they received either inadequate or non-existent financial education at school, and over two thirds (69%) believe that better financial education would have helped them manage their money better with the current increases in the cost of living. There are strong links between financial literacy and poverty with 46% of those suffering from financial difficulties citing poor money management skills as a contributing factor.

Santander UK and international online educational publisher Twinkl have launched the Financial Education Recognition Scheme for UK schools that commit to teaching financial education each year.

Mike Regnier, Santander UK CEO, said “We see daily the impact that poor money management can have on people’s lives and we are very proud of the work we are doing with Twinkl to bring about change. Our research shows the importance of financial education in shaping children’s futures and ensuring they can manage their finances confidently in adulthood.”

“We have launched a Financial Education Recognition Scheme that will give the deserved credit to schools that participate in vital financial education for the next generation. We are committed to driving momentum in attaining statutory status for financial education on England’s primary school curriculum, and this is an important step on that journey.”

Jonathan Seaton, Twinkl CEO and co-founder, said “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. We are really proud to have created these resources with Santander which bring the invaluable gift of financial education to classrooms in an easy, fun and engaging way, and I am excited to see that together we are recognising schools that make financial education a priority.”

“We know teachers and schools have many pressures on them, and to thank and recognise them through this scheme is incredibly important.”