This report, produced by Cebr, an independent economics and business research consultancy for MyBnk, shows that half of UK’s young people (16–25-year-olds) feel that the cost-of-living crisis has had a worse impact on their life than the pandemic. This comes hand in hand with the fact that up to 61% of young adults don't recall receiving any financial education in school.
The research showed that only 2/5 of young adults are financially literate and 61% do not recall receiving financial education at school. Amongst those who held credit cards, only 44% were considered financially literate.
On average, those who did receive financial education lessons were taught for approximately 48 minutes a month, 33 times less than the average time spent studying maths.
Those who are unemployed or not working for other reasons saw the lowest shares of respondents considered financially literate, at 26% and 22%.
Despite financial education being on the curriculum for state secondary schools, 80% of schools in England are academies, meaning they can opt out of the curriculum. 78% of teachers surveyed said they provide some form of financial education, but highlighted time as a key constraint. 80% said they are personally responsible for preparing or collecting resources.