Young People in Debt After Not Receiving Enough Financial Education

Almost two-thirds of young people across the United Kingdom believe a lack of financial education has led them into debt

Research has shown that essential money management, habits and skills start to form in early childhood. Yet, less than 40% of children and young people in the UK received financial education during their school years.

Studies have also linked high levels of economic deprivation with low levels of financial understanding, making problems worse for already vulnerable groups in our communities.

The data was published by the bank Santander, which is working with its celebrity ambassadors Ant and Dec to launch a new financial education programme ‘The Numbers Game’ created in partnership with educational publisher, Twinkl.

Ant McPartlin said, “Research has shown how vital it is to have the right financial resources available for children and young people. There’s no better place to start learning about how to handle your finances than at school. And, hopefully, this campaign can really make a difference to young people.”

First launched in 2019 to promote numeracy skills, Santander reports that ‘The Numbers Game’ has helped more than one million young adults to become more confident with their money and personal finances.

© Santander

Faced with the cost of living crisis, 83% of adults in the UK reported that their household expenditure had increased during March-May 2022.

Mike Regnier, CEO of Santander, stated, “Fostering key money management skills at an early age will ensure future generations leave school equipped with the foundations for financial independence and the skills to make better financial decisions.

“As a responsible business, improving financial education and literacy is a key ambition so we’re delighted that together with Twinkl we can provide teachers and parents with engaging tools which will make a difference to students across the UK.”

© Santander

Sarah Porretta, Executive Director at The Money & Pensions Service, said,  We believe that The Numbers Game learning resources will make an important contribution to that national goal by giving more teachers and parents the confidence, skills and knowledge to teach financial education.”