Early money education builds financial confidence in young people

Summarised from 2 outlets · Updated 9 Oct, 08:55 · Archive

Research shows 39% of UK adults lack confidence managing money, with early financial education recommended to counter this.

Research published last year by The London Foundation for Banking & Finance found that 39% of UK adults do not feel confident managing their money, with the young and the elderly particularly vulnerable to financial illiteracy. The research recommends taking early action to improve financial education, which is currently difficult to access.

Financial education in schools can provide a strong foundation for financial literacy. It helps students build financial knowledge, develop lifelong habits and gain a sense of financial responsibility while understanding the value of money. This knowledge becomes particularly important when young people move out of home, whether to university or work.

Setting financial goals can play a key role in building confidence. Goals may involve saving, spending, earning or investing, and having targets can help people visualise the steps needed to make sound money decisions. Suffolk Building Society works with local schools to deliver financial education workshops to students on topics relevant to them.

How it is being reported

• Why teaching children about money can build confidence for the futureLearn how financial education, money conversations and child savings accounts can build confidence and good habits, with advice from Suffolk Building Society.East Anglian Daily Times · 9 Oct, 08:30
• Why teaching children about money can build confidence for the futureLearn how financial education, money conversations and child savings accounts can build confidence and good habits, with advice from Suffolk Building Society.Ipswich Star · 9 Oct, 08:30

In this story: Suffolk Building Society · The London Foundation for Banking & Finance · Nathan Wade · UK

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