What’s wrong with financial education in schools?

Our research found that less than half of 16–25-year-olds received financial education at school. Where financial education does exist, it’s often not preparing them well for adult life. We believe money skills such as budgeting, understanding credit, saving and investing are essential skills for life and work. For most young people, formal financial education doesn’t start until secondary school, and the quality and delivery varies across schools.

How a lack of financial education in school is failing our young people

Many young people receive no financial education at all

Only two in five (40%) 16–25-year-olds said they had received formal financial education at school either as part of dedicated sessions (24%) or integrated into other subjects such as maths (17%).

Some teaching is on an informal basis

One in 10 had received informal financial education from school staff (9%) however, almost two in five had not received any formal or informal financial education at school (38%).

Most financial education only begins in secondary school

For those who did receive formal financial education, only 15% said it had started at primary school with almost a third (30%) saying it had started in early secondary school (ages 11–14).

Did you receive formal financial education at school?

Yes, as part of dedicated sessions

Yes, integrated into other subjects

No, but I received informal financial education from school staff

Don’t know/can’t recall

No, I didn’t receive any formal or informal financial education

“Limited formal education...many schools do not provide comprehensive lessons on personal finance, budgeting, saving, investing, or managing debt, leaving young people to learn mostly through trial and error.”

Participant in AAT commissioned YouGov online survey with 16–25-year olds in the UK

Where financial education exists, it’s not preparing young people well for adult life

Only 29% of 16–25-year-olds agree that young people receive adequate financial education in the UK, and only 30% of 16–25-year-olds agree that young people leave school equipped with the financial skills they need to thrive in their adult life.

Half of those who have received financial education at school (48%) said that it didn’t prepare them very well (35%) or at all well (13%) for adult life.