UK demand for financial education in schools is the highest in Europe

Despite this widespread support, only 12 percent of UK adults surveyed reported that they had received financial education lessons at school, slightly below the European consumer average of 13 percent. However, there are encouraging signs that change is on the way across Europe – with under 25s much more likely than older age groups to have received financial education in the classroom.

In the UK this trend is especially pronounced, with 22 percent of 18-24 year olds having received financial education in school compared to just six percent of 45-54 year olds and nine percent of over-55s.

Tracey Bleakley, chief executive of pfeg (Personal Finance Education Group), said:

“This research shows that the UK is leading Europe when it comes to demand for financial education – and we want to see it leading Europe when it comes to its supply as well. Financial education’s new place in the secondary National Curriculum from next September will make a huge difference, but is not enough on its own.

“We need to ensure that all schools – including primary schools, Academies and Free Schools – give their pupils the skills, knowledge and confidence they need to manage their money well.”

Financial education’s place in the new National Curriculum for England in secondary schools from September 2014 was confirmed by the Department for Education this month. The move follows years of campaigning by the All Party Parliamentary Group on Financial Education for Young People, pfeg and MoneySavingExpert.com’s Martin Lewis. Earlier this year pfeg announced its new campaigning priorities, including extending financial education to all primary schools, as well as to the growing number of Academies and Free Schools not bound to follow the national curriculum.

Notes:

The research conducted by Ipsos for ING can be accessed here

ING have also produced an infographic available here