More mortgage education needed in schools say 87 per cent of students
Some 87 per cent of students have said they would like more education in school on how financial products such as mortgages, pensions, credit cards and savings work.
According to the Young Persons’ Money Index run by The London Institute of Banking & Finance, 82 per cent of students felt they were not getting enough access to a comprehensive financial education despite the subject being introduced to the national curriculum five years ago.
Of the 2,000 students aged between 15 and 18 questioned, 60 per cent said they wanted to learn about the practicalities of managing money as a separate subject while 62 per cent said they worried about money.
Still not enough access
Currently, 64 per cent of students say they have access to financial education compared to only 29 per cent in 2015.
However, the index found most were taught financial education as part of other subjects and the majority did not receive financial education regularly.
Just 18 per cent of respondents said they had access to financial education within the last month, 16 per cent in the last term, 17 per cent in the last year and 15 per cent said they last received financial education over a year ago.
Risk of negative impact
Catherine Winter, MD of financial capability at The London Institute of Banking & Finance said: “The current approach is just not adding up. It’s time to give this subject the attention, and lesson time, it deserves.
“Unless something changes soon, we risk failing yet another generation and negatively impacting society for generations to come.
She added: “Financial education should be included in the Ofsted Framework – effectively making it compulsory – and ideally taught as a standalone subject.
“However it’s delivered, it needs to have dedicated, regular, classroom time, with clearer guidance for teachers on what they need to cover.”