Two in three Brits say schools should teach 'money management'

The majority of Brits believe money management should be taught in schools, research shows.

Two in three (67%) UK adults said they wish money management had been on the curriculum when they were in school, rising to nine in 10 of those under 24-years-old, according to a survey of 1,002 people by Matalan.

Brits said their education left them “woefully unprepared” for the real world, with money management — along with self-confidence and mental health management — topping the list of subjects that should be taught to children.

Skills Brits wish they had been taught include how to apply for a mortgage, managing credit and budgeting.

Two in five (58%) 16- to 24-year-olds want tax management education, including how to know you’re paying the right amount and taking advantage of tax breaks.

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They also want education on how to invest money, and many are taking it into their own hands, with 17,070 people searching YouTube for “investing money” videos every month, the study found.

A quarter said they think pension management should be on the curriculum, rising slightly to 26% of 25- to 34-year-olds, and 32% of those over 55.

People in Plymouth were the most concerned with having pension management on the curriculum, at 45%, compared with just 11% of those in Brighton.

Over half of the UK started 2020 with personal debt of up to £100,000, and the average Brit owing £31,845.

What’s more, experts have warned the COVID-19 pandemic could see personal debts climb due to job losses once the furlough scheme ends.

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Brits’ DIY approach to financial education has been bolstered by the coronavirus crisis, with Open University's “Academy of Money” qualification becoming the fourth most-popular free course during lockdown, the study found.

“While it may not be on the agenda to introduce personal finance to the national curriculum any time soon, it’s clear from young people’s responses there is a real need for it,” said Jeff Howarth, director of marketing at Matalan.

“Despite teachers’ best efforts, the national curriculum is falling short of preparing young people for the real world.

“With ever-growing financial uncertainty surrounding many businesses and individuals, education on personal finance is becoming more important than ever. We owe it to our young people to give them the skills they need to manage and protect their finances in a world where financial stability is not guaranteed.”