CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow One in five young people say the financial education they received at school was "wholly inadequate"
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


One in five young people say the financial education they received at school was "wholly inadequate" PDF Print E-mail
Thursday, 03 September 2015
Nearly one in five young people aged between 18 and 24 in the UK, many of whom will be grappling with student loan repayments or looking to start saving up for a mortgage, say the financial education they received at school was entirely inadequate. This is according to the latest research from Scape Group which is supporting the Credit Union Foundation in its creation of a schools savings club toolkit.

A further 68% of young people report not receiving any sort of guidance on financial matters while at school. Only 10% of 18-24 years olds report receiving an adequate or good level of financial education while at school.

The research also found 23% of young people lack confidence in dealing with their finances. Young people’s confidence in this regard is significantly lower than the average across all UK adults. 55% of all UK adults reported they were confident when dealing with their finances and 31% said they were very confident. Just 14% said they lacked confidence in matters of money.

Less than 1% of respondents to the Scape Group survey said that school was the place where they learned most about money.  59% of respondents described themselves as “self-taught” and 34% said they learned most from family and friends. This is despite the fact most respondents (48%) think schools should be the main source of financial education.

Since September 2014 financial education has been a compulsory part of the school curriculum, however the exact content of the programmes is left to the discretion of individual schools. More concerning is that free schools and academies, which account for around half of UK schools, do not need to follow the curriculum.

Respondents to the survey had clear preferences as to what should be included in children’s financial education: number one by a significant margin was ‘budgeting’ (81% of respondents indicated); followed by ‘savings and pensions’ (58% indicated) and the third most pressing area identified was ‘financial terminology’ such as ‘interest rates’, ‘APRs’ and ‘credit scores’ (46% indicated).

The late timing of the introduction of compulsory financial education in the school curriculum means that young adults operating in the current post-recession economy did not benefit from financial education as a compulsory aspect of the school curriculum. Parents with children of school age also reported on which financial products their children are aware of. The best-known product among young people was credit cards – 49% of children know what these are. This was in contrast to just 14% who know what a ‘doorstep lender’ is and 24% a ‘pay-day loan’.

Mark Robinson, Scape Group Chief Executive, comments: “In this post-recession period it is vital young adults in the UK are equipped with the skills to manage their own finances and build successful futures. However it appears that most have not been taught the basics in school and many young people are left to draw on their own experiences and those of family and friends to learn about money management, budgeting, different types of loans and other key issues. The majority of UK adults – 88% – do not believe the government is currently doing enough to equip young people with the necessary financial skills for adulthood.

“We think schools should be a key source of information when it comes to money management. This is why we are supporting the work of credit unions in schools, which can provide junior savings accounts and an understanding of a range of financial products to pupils. Credit unions support the communities where their members are in a way that contributes to the social, economic and environmental well-being of these areas. We are therefore proud to support the Credit Union Foundation, which is a further way Scape Group can instil value in communities beyond its built environment projects.”

Annette Warne-Thomas of the Credit Union Foundation said: "As well as serving around 1.6 million adult members across the UK, credit unions also have around 230,000 junior savers. Many of these young people joined a credit union through their school, and credit unions play a key role in helping the next generation learn about money and develop a savings habit.

"Scape's support for the Credit Union Foundation will help more credit unions to work with their local schools in effective and sustainable partnerships."

(Source - Credit Union Foundation and Scape Group Press Release) 

3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards


Tuesday 3 October - Guoman Tower Hotel, Central London

Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.

To book your place to attend, please contact Alison Lucas.


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197