New research with our client at London Institute of Banking and Finance (LIBF) revealed that secondary school students are worried about their financial situation and want greater access to education on how they can manage their money better.
The LIBF commissioned YouthSight to conduct research with representative sample of more than 2,000 secondary school children (aged between 15 and 18yo) across the UK for this year's Young Money Index report.
The report revealed that four in five young people (81%) are anxious about their financial situation - a 14 point increase on the previous year's index and the highest rate recorded since the question was first asked in 2016.
We also found that over half of 15-18yo have already been targeted by fraudsters, which included phone phishing scams and being asked for personal account details. 12% said they have been asked for their PIN numbers and eight per cent have had their credit or debit card cloned or stolen.
We know from our previous research with our client at the RSA, that young people are increasingly worried about their financial security. 47% of young people are financially precarious and almost half are struggling to make ends meet each month.
In this new study it was revealed that Covid-19 has played a key role in accelerating this sentiment, with 67% agreeing that the pandemic had made them feel more anxious about money.
It's therefore no surprise that young students are demanding greater access to financial management studies to help alleviate their stress. Respondents said they wanted to learn about the practicalities of managing money well, including budgeting, debt, tax and different financial products.
Positively, 73% of respondents said they already have access to some form of financial education in school - an increase of more than 10% compared to last year. But, the majority wanted more detailed information.
Catherine Winter, managing director, financial capability at the LIBF, commented:
"Anxiety about money combined with a lack of financial knowledge is a perilous mix.
"Most young people don’t have the financial knowledge or confidence they need. Even before they leave school, they’re vulnerable to scams and fraud – and are at risk from developing some bad financial habits when it comes to using and understanding debt.
“Young people want to be financially resilient, and the impacts of Covid-19 – and the rising costs of living – are all taking their toll. We all need to step up to help young people develop these essential life skills.
"That means providing support – for schools, for teachers and for students – to make sure high quality financial education is available to all age groups. Including financial education in the Ofsted Framework would help ensure that happens.”
- FT Adviser - Young People Demand Financial Education in Schools
- Interactive Investor - Young Persons' Money Index is Another Rallying Cry for Financial Education
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