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Only one in four young adults say they received any financial education at school, according to new research, highlighting the scale of the UK’s challenge to ensure children are taught how money works.

The survey of 18 to 21-year-olds found that only 26 per cent of participants said they had received any financial education at school last year.

Santander UK, which conducted the survey, said the findings, if applied to the whole young population, would mean 4mn people finished their education without a “fundamental understanding of money management”.

William Vereker, Santander UK chair, said the research raised “significant” concerns that “the current school curriculum does not always equip young people with the knowledge they need to plan and manage their financial futures”.

“This gap is leading young adults to potentially unreliable online resources for advice,” he added.

The research, based on the responses of 2,000 people, took place just over a decade after financial education was added to the curriculum of local authority-run secondary schools in England. It was introduced in Wales in 2022.

Since the policy was introduced, the subject has largely been incorporated into non-core subjects, such as citizenship. It is optional for academies and free schools that are independent of local authorities and have greater flexibility than other schools.

Campaigners have warned that a lack of confidence in basic numeracy is making it harder for young people to manage money, find a job and can lead to mental health problems.

Charities, including the Financial Times’ Financial Literacy and Inclusion Campaign, have pressed the government to introduce policies that support better financial education.

The study found that young people were increasingly searching out alternative sources of information, with 31 per cent of those surveyed having turned to social media influencers for advice and 25 per cent using TikTok. 

The report, shared with the FT, also revealed that 79 per cent of those surveyed had never created a budget; 76 per cent had never paid a bill; and 77 per cent had not set aside funds for unexpected expenses.

Earlier last year, MPs on the House of Commons education select committee called on ministers to review the contents of the current maths curriculum to expand “the provision and relevance” of financial education. 

The cross-party group called on the government to make the “personal and societal elements” of financial education compulsory at primary and secondary school level.

The department for education said “high and rising standards” were at the heart of the government’s mission to break down the barriers to opportunity and give every child the best life chances.

It added that “financial education already forms a compulsory part of the national curriculum for maths at key stages 1-4 and citizenship at key stages 3 and 4”.

This covered “personal budgeting, calculating interest, financial products and services, and how public money is raised and spent”, the department said.

The curriculum and assessment review, being led by Becky Francis, a professor and expert in education policy at University College London, was considering how to guarantee that the curriculum “ensures young people leave education ready for life and work”.

BANGOR, Maine (PENQUIS) – As the new year begins many people have dreams of starting their own business or are thinking about turning a passion or hobby into a way to make money, but they are not sure how to start the process. Thankfully, there is a local resource available to help provide guidance right here in Penobscot, Piscataquis and Knox counties.

MaineStream Finance, a subsidiary of Penquis, is a nonprofit community development financial institution (CDFI) certified by the US Treasury, helping ALL Maine home-buyers, business owners, and consumers secure advice and financing to grow and thrive. MaineStream Finance offers a wide variety of workshops and classes on business, home buying, and financial empowerment for you and your co-workers. They deliver these services throughlending, savings products, classes, and one on one advisory support. MaineStream works closely with federal and state agencies, foundations, and local financial institutions, including banks, to help them meet Community Reinvestment Act (CRA) goals through financial education programs, loan capital, and volunteering opportunities for homeowners and small businesses.

Thinking of starting a business? Check out the Business 101 classes. These free workshops will provide an overview of the pros and cons of operating a microenterprise or small business. What a business plan is and why it is needed, plus resources for your business development. Topics include being an Entrepreneur, Business Success; Professionalism; Business Plans, Networking; Business Loans; Resources; Budgets; Credit; and Review of Upcoming Classes and Workshops. These workshops are FREE and offered via Zoom. The dates of the classes are: Monday, 1/27/25 & 2/3/25 @ 6 pm via Zoom; Tuesday, 2/18/25 & 2/25/25 @ 6 pm via Zoom, and Monday, 3/17/25 & 3/24/25 @ 6 pm via Zoom.

Are you interested in turning your passion or hobby into a business? Do you have a passion for creating or is your hobby sellable? Be sure to check out their free two-night Hobby workshop, where you will discuss what to think about before creating a new business. Areas that will be discussed: Questions to ask myself; Is there a market for my products and/or services; Business Plan; Recordkeeping; Regulations; Taxes; Marketing; Funding sources and more. The two-night workshop is FREE! The first two classes are on Monday, 1/27/25 & 2/3/25 @ 6 pm via Zoom, the next two nights run on Tuesday, 2/18/25 & 2/25/25 @ 6 pm via Zoom, and the final two classes run Monday, 3/17/25 & 3/24/25 @ 6 pm via Zoom.

To register for any of these classes or for more information to sign up visit: www.mainestreamfinance.org

MaineStream Finance can also help turn childcare into a business and they provide business lending too. Does children’s laughter sound like music to your ears? The number of working parents–including single-parent families and families with both parents employed–is climbing, creating an ever-growing need for quality childcare. That need creates a tremendous entrepreneurial opportunity for people who love children and want to build a business caring for them. Child-care services range from small home-based operations to large commercial centers and can be started with an investment of as little as a few hundred dollars. You can stay very small, essentially just creating a job for yourself, and possibly others. Our team of business advisors can help you create a business plan, design, develop, provide assistance with the Child Care Provider Licensing process and more. Our business advising services are free.

Are you aware that Mainstream Finance does business loans? MaineStream Finance offers a variety of loan products throughout Maine to small businesses that may have trouble finding credit.

Amount: Minimum $500 – Up to $200,000 / Term: Up to 20 years.

Whether you are a startup or an existing business we can do financing to help you move your project forward. MaineStream Finance does what is called “Gap financing” so the difference between the amount of your down payment you have and what another lender has and can lend. This Gap amount could stop your project, we may be able to help finance that Gap to complete the project. We are also looking at startup businesses in need of financing to purchase equipment, inventory, training, a building, or an existing business. The team at Mainstream Finance will help a business develop a business plan and business financials as well as help you prepare the loan documents that you will need to apply for a loan and all of this is at no charge. The MaineStream Finance mission is to help small businesses grow in Maine.

To learn more about what MaineStream Finance has to offer go to their webpage at mainestreamfinance.org, or call 207-973-3500 or email the team at MSFInfo@penquis.org for more information.

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