Nearly nine-in-10 (87%) of 11-18-year-olds in the UK have limited knowledge about how to manage their finances, research by Yorkshire Building Society (YBS) has found.
Around 14% said they knew nothing at all, and just about a third (36%) said they learnt about finances at school despite it being part of the curriculum in secondary schools across the UK.
As a result, the building society is calling for the introduction of financial education in primary schools in England, as it has already been implemented in Northern Ireland, Scotland and Wales.
The research comes in tandem with the launch of YBS’ Money Minds, an online financial education platform for young people aged 11 to 18 aiming to reach around 55,000 children this year.
Stephen White, interim chief executive of Yorkshire Building Society, said: “We know learning how to effectively manage finances is a vital life skill. Our research has shown that too many children have limited knowledge around money management and financial issues. We really want to engage teachers, children and young people in the UK to improve financial education.
“We have developed Money Minds online as part of our purpose of helping real life happen. We’re committed to helping build the financial wellbeing of our communities and believe that starts with laying great foundations for our young people to understand money, finances and careers. Ultimately, we want to improve financial capability in the UK.
“We’re also calling on the government in England to give children in the country the best grounding in financial education that they can – on a par with their peers in Northern Ireland, Scotland and Wales – by introducing financial education to the national curriculum for primary schools in England.”