There is a serious shortage of financial education in schools, according to two new surveys undertaken by the financial education charity, IFS University College.
The results found that huge numbers of people are leaving school without knowing enough about managing their finances. According to industry experts, this could have long term implications for the UK’s economy, as well as the obvious repercussion of endangering people’s financial situations through a lack of education.
The poll considered 2,000 15 to 18 year olds. After assessment, they found that 70% of these people were ‘dangerously unprepared’ for the world that is fast approaching individuals that fall into that age group. During this period, they will be increasingly asked to take on more financial responsibility, as well as take out loans and have to manage personal budgets.
Financial education is now compulsory within the national curriculum up to GCSE level. However, 59% of the people surveyed said they didn’t get any form of monetary guidance in school. IFS University College pointed out that because of this, young adults are turning elsewhere for guidance.
Understandably, many are turning to parents and friends, as well as the media. More worryingly, some are looking to unverifiable social media accounts to fill in the missing information they require.
The survey also highlights that Britain has never seen so many people with high levels of personal debt. Across Britain, the total amount that households owe has reached £173bn. As well as this, further studies have found that young people are facing more than 10 years of debt if the current trends continue.
Financial education is extremely important to us at Enjay Debt Management. If you’d like to find out about how you can manage your money more effectively, we can give you a guiding hand. We’re experts at sorting out personal finance into manageable information that is easily digestible. we believe that just because schools aren’t teaching students about debt, it doesn’t mean that you can’t get an education in finance elsewhere.
To have a chat with us you can contact us on Freephone 0800 612 7958 or by email at firstname.lastname@example.org.