Leadership

Financial Education In Secondary Schools In The UK

Despite financial education being on the curriculum for state secondary schools, 80% of schools in England are academies, meaning they can opt out of the curriculum.

This report, produced by Cebr, an independent economics and business research consultancy for MyBnk, shows that half of UK’s young people (16–25-year-olds) feel that the cost-of-living crisis has had a worse impact on their life than the pandemic. This comes hand in hand with the fact that up to 61% of young adults don't recall receiving any financial education in school.

The research showed that only 2/5 of young adults are financially literate and 61% do not recall receiving financial education at school. Amongst those who held credit cards, only 44% were considered financially literate.

On average, those who did receive financial education lessons were taught for approximately 48 minutes a month, 33 times less than the average time spent studying maths.

Those who are unemployed or not working for other reasons saw the lowest shares of respondents considered financially literate, at 26% and 22%.

Despite financial education being on the curriculum for state secondary schools, 80% of schools in England are academies, meaning they can opt out of the curriculum. 78% of teachers surveyed said they provide some form of financial education, but highlighted time as a key constraint. 80% said they are personally responsible for preparing or collecting resources.

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