Three-quarters of Brits claim they received either inadequate financial education at school – or none at all. The study, of 2,000 adults, found 62 percent would be “more likely” to send their child to a school specialising in this subject, as a direct result of their own lack of education in money management.
More than two-thirds (69 percent) blame this knowledge gap on their difficulties in navigating the current cost-of-living crisis.
And when asked what one piece of advice they would pass on to children around managing their money, the top answer was to not spend beyond your means.
The study was commissioned by Santander UK, which has partnered with Twinkl to launch the Financial Education Recognition Scheme, for schools which commit to teaching financial education each year.
Mike Regnier, of Santander UK, who helped launch the scheme by co-hosting a lesson on this subject to pupils at Hazelbury Primary School in North London, said: “We see daily the impact that poor money management can have on people’s lives.
“Our research shows the importance of financial education in shaping children’s futures, and ensuring they can manage their finances confidently in adulthood.
“The Financial Education Recognition Scheme will give the deserved credit to schools that participate in vital financial education for the next generation.”
The study also found just 26 percent of adults aged 18 to 34 feel they received “sufficient” financial education while at primary school – rising slightly to 29 percent during their time at secondary school.
But these figures were much lower among those aged 55 and above – with four percent learning about finances at primary school, and six percent at secondary school.
It emerged the number one thing that all respondents wish they’d learnt at school in relation to money was about savings and pensions (52 percent).
And 57 percent believe they could have made better financial decisions during adulthood if they had been better educated in their formative years.
Jonathan Seaton, CEO of Twinkl, which works with Santander to deliver The Numbers Game – free, curriculum-friendly learning materials, created by teachers – 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.”
Since 2022, The Numbers Game has been used by more than 100,000 teachers within 8,300 schools, and benefited an estimated 1.9 million children and young people across the UK.
