Mark Bailie, CEO of Compare the Market, comments on the number of young adults that are financially illiterate and the importance of financial education for children.
New research from Compare the Market and MyBnk suggests that 3.4 hours of financial education each month could significantly boost financial literacy for young people in the UK.
According to the research, almost two-thirds (61%) of young adults do not recall receiving any financial education at school, compared to under a third (29%) who do remember receiving financial education. On average, those who did receive financial education lessons were taught for approximately only 48 minutes per month, or only 11 minutes per week.
To understand the quality of financial education provided in secondary schools, the research also examines the financial literacy of young people, using the Compare the Market and MyBnk Financial Education (FinEd) measure. The research found that only two in five young adults (41%) in the UK are financially literate.
Mark Bailie, CEO, Compare the Market:
Everyday life is full of financial decisions, and many of these can be overwhelming if you don’t have the tools to help you secure the best outcome for yourself.
We know that most people leave school with an inadequate grasp of basic finance. This lack of financial confidence and understanding can have a real impact on their adult lives, limiting the choices of financial products available to them and with the potential to significantly increase the amount they pay throughout their lives.
At Compare the Market, we’re passionate about helping people save money and get great deals on their household bills. That’s why we are partnering with MyBnk to help more young people get better access to high-quality financial education, removing financial stress and helping them gain the skills they need to manage money in a cost-effective way.
Full release: Only 2 in 5 young adults are financially literate
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