Young Brits ‘Need More Lessons in Financial Management’

May 17, 2017

Most adults across Britain received no advice on how to handle their personal finances while they were in school or at college.
That’s according to a study looking into the extent to which children and young adults around the country are being supported in understanding how best to manage their money as they go through life.
The research was conducted on behalf of the insolvency trade body R3 and found that only 10 per cent of people feel that they were given truly helpful advice on financial management when they were in full-time education.
However, R3’s findings suggest that more emphasis is being put on education around financial management as time goes on with people from younger age brackets considerably more likely to have been taught in school about how to handle their money.
Even with that being the case though close to a third (32 per cent) of people aged between 18 and 24 say that they have or did not received any financial education through their school or university.
R3 wants to see the government introduce a more robust and effective programme of financial management education nationwide.
“Becoming confident and knowledgeable about personal finances is vital, and helps boost people’s resilience in the face of unexpected events which can otherwise lead to financial problems,” says Mark Sands, chair of R3’s personal insolvency committee.
“Young people in the final years of school are in particular need of thorough, targeted advice on personal finance issues, as many of them are – or will soon be – old enough to apply for credit cards, car finance, and loans.”
For the most part, Brits currently rely on advice from friends and family when it comes to moneyrelated problems, with two-thirds of respondents to R3’s study saying that they turn to their nearest and dearest when they find themselves struggling to manage their finances.
“While advice from friends and family undoubtedly performs a useful job, speaking to a regulated professional who has the knowledge and experience necessary to give up-to-date advice on personal finance is something that we would strongly recommend,” said Mr Sands.
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