Compared to three years ago, the same proportion of children and young people have received a meaningful financial education as defined by the goal (47% in 2022 versus 48% in 2019). Progress is similar between the waves across the UK nations and age groups compared to 2019.
The overall measure is driven by a third (33%) of children recalling learning about money in school and finding it useful, and nearly a quarter (24%) having received key elements of financial education at home. Only 10% report having both, suggesting that children and young people tend to receive meaningful financial education either at home or at school, not as a joined-up financial education. The data indicates that the cohort who receive it from both sources demonstrate higher levels of good day-to-day money management, suggesting a joined-up financial education is optimal.
The findings (Section 5) indicate that children who have received a meaningful financial education are more likely to:
- Feel more confident about managing their money
- Disagree with the statement ‘I feel anxious when thinking about my money’
- Save money more regularly
- To have a bank account that they use
- To have positive attitudes towards money
- To talk about money
- To demonstrate positive day-to-day money management skills, such as shopping around to compare prices and planning ahead for how they will buy the things they need.
Furthermore the cohort who receive it from both sources demonstrate higher levels of good day-to-day money management, suggesting a joined-up financial education is optimal. those who have received it at both home and school demonstrate the highest levels of good day-to-day money management, the highest level of confidence about managing money as well as highest proportions actively saving money at least monthly, supporting a joined up financial education is optimal.
In terms of the home element of the goal, most children have responsibility about how they spend their money (91%), and over seven in ten receive regular money either through pocket money or work. However, only a third of parents/carers set rules about how their children spend their money.
Just over half of parents/carers claim to feel confident talking to their children about money so supporting these parents to help their children is important.
Some children are less likely than average to receive a meaningful financial education including young children (seven to 11 year olds), children living in social housing, rural areas and in lower income households and children whose parents/carers have mental health conditions.
These insights should strengthen the resolve of the financial education sector to ensure that, by 2030, we see a significant increase in the number of children and young people receiving this vital learning.
Further reporting and more detailed analysis on the findings from the 2022 wave of the survey will be published over the coming months.