Young People Call for Stronger Financial Education in Schools, GoHenry Research Reveals

In today’s fast-paced and ever-changing world, the importance of financial education cannot be understated. It is essential for young people to be equipped with the necessary money skills to navigate adulthood successfully. However, new research from GoHenry has revealed that many young people feel unprepared when it comes to managing their finances.

According to GoHenry, half of 18-year-olds who have received financial education in school do not feel confident with managing money as adults. Furthermore, 68 per cent of young people the same age are worried about leaving school without the necessary money skills. This issue extends beyond those set to leave school within the next year, with a significant percentage of secondary and primary school kids already expressing concern about their lack of financial education.

As the Education Select Committee prepares to deliver its recommendations for strengthening financial education in schools, it is clear that young people believe current curriculum needs reform. In fact, a staggering 84 per cent of young people believe that financial education is as important or even more important than core subjects like Maths, English, and Science.

GoHenry’s research aligns with its Parliament petition to #makemoneycount by making financial education compulsory in all schools from primary age, which garnered over 12,500 signatures. The push for mandatory financial education reflects the growing demand from young people to learn more about personal finance in school.

When asked what money topics they would most like to learn about, young people expressed a strong interest in saving money, buying a house, building a career, creating a budget, and using a bank account. The eagerness to learn about these topics suggests that young people are already thinking ahead to major life milestones and financial responsibilities.

Louise Hill, co-founder and CEO of GoHenry, emphasizes the importance of starting financial education at a young age. She believes that compulsory financial education in all schools could make a significant difference for the next generation. Hill notes that young people, as early as primary school age, are worried about their money skills, highlighting the need to begin financial education earlier.

In terms of how much financial education young people want, the research found that, on average, they would like to spend 45 minutes learning about money at school each week. Some even expressed a desire for one to two hours per week, indicating a strong appetite for financial education.

Ultimately, the research from GoHenry sheds light on the growing demand for improved financial education in schools. Young people want to feel confident and prepared when it comes to managing their finances, and it is crucial for schools and policymakers to prioritize financial literacy to ensure the next generation’s success.