In response to the Financial Conduct Authority’s Financial Lives survey report released today, Jane Goodland, Co-Chair of KickStart Money said: “The figures released by the Financial Conduct Authority today reveal the devastating impact that COVID-19 has had on the UK’s financial wellbeing. More than half of the UK’s adult population are now considered vulnerable and 8.1 million adults expect to take on debt in the near future. Over 2020, the financial resilience of the nation plummeted, with the number of UK adults with low financial resilience increasing by 3.5 million from March to October 2020.
“This crisis sends a clear message. The next generation need to be better prepared for the impacts of economic shocks and we must provide our children and young people with the right tools to help build financial resilience for the future. Early intervention financial education is crucial as saving habits and attitudes towards money are formed by age 7. KickStart Money is calling for every primary aged child to receive a high-quality and effective financial education and the government must take a leading role in this to ensure no child is left behind.”