Confident Future

A study by Cambridge University showed that the foundations for money management, like delayed gratification and understanding the value of money, are largely established between ages 3 to 7

Research from the Money and Pensions Service in the UK reveals that children’s money habits, including attitudes towards spending and saving, are typically set by the age of seven. This early formation of financial habits underscores the critical need for financial education in primary schools.

Adults who don’t learn about money when they are young are now more likely to earn less than the national average wage of £31,461. A report by the Financial Conduct Authority (FCA) found that 46% of UK adults showed low levels of financial resilience, which includes a lack of savings and the inability to cover basic expenses in emergencies.

Research conducted by the Money Advice Service found that children who discussed finances with their parents were significantly more likely to develop positive attitudes toward money. However, nearly 58% of parents felt they lacked the knowledge or confidence to have these conversations effectively.

68% of 18-year-olds are worried about leaving school without any money skills. A report by the Organisation for Economic Co-operation and Development (OECD) highlighted that only 52% of 15-year-olds in the UK can demonstrate basic financial literacy.