Almost nine in 10 people (87%) people between the ages of 11 and 18 in the UK have “limited knowledge” about managing money, new research from Yorkshire Building Society has suggested.
The society’s findings also indicated that 14% of respondents know nothing at all about money management.
The research was conducted as the society launches its new Money Minds online financial education platform for children and young people aged between 11 and 18, which aims to reach 55,000 children and young people this year.
Yorkshire Building Society confirmed that its Money Minds online platform is free to use and has been developed with education design specialists, teachers and students.
Only around a third (36%) of the surveyed 11 to 18-year-olds said they have learnt about finances at school despite it being part of the curriculum for secondary schools across the UK.
Yorkshire Building Society interim chief executive, Stephen White, said: “We know learning how to effectively manage finances is a vital life skill. Our research has shown that too many children have limited knowledge around money management and financial issues. We really want to engage teachers, children and young people in the UK to improve financial education.
“We have developed Money Minds online as part of our purpose of helping real life happen. We’re committed to helping build the financial wellbeing of our communities and believe that starts with laying great foundations for our young people to understand money, finances and careers. Ultimately, we want to improve financial capability in the UK.”
In a bid to help more pupils learn more earlier, the society announced it is calling on the government in England to include financial education on the national curriculum for primary school children – to mirror what’s already done in Northern Ireland, Scotland and Wales.
“We’re also calling on the government in England to give children in the country the best grounding in financial education that they can – on a par with their peers in Northern Ireland, Scotland and Wales – by introducing financial education to the national curriculum for primary schools in England,” White added.
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