Money talks
It is clearer than ever that consistent access to financial education must be prioritised if we are to address financial wellbeing in the UK. The ongoing impact of a cashless society, high inflation and a biting cost of living crisis has made the UK’s young people especially vulnerable to financial challenges.
With more and more financial transactions taking place online alongside increasingly sophisticated digital fraud, young people need to be equipped with the knowledge and skills to develop responsible money habits and make more informed financial choices.
In the last few months, a barrage of data has revealed just how complex the situation truly is. According to the Social Market Foundation, just 1% of UK primary school teachers believe their students possess adequate financial literacy.[1]
Young Enterprise’s own data reveals that a third of primary school students and over half of secondary school students in the UK do not receive adequate financial education – despite 67% of teachers believing their schools are covering it.[2] What’s clear is that many do not know where, or with whom, the responsibility lies for educating our young people on this topic.