The vast majority of UK adults believe they will be poorer in the future without a greater emphasis on financial literacy, according to recently published research.
The survey, conducted by YouGov and commissioned by the People’s Pension, reveals a “strong public desire for better financial education”.
Nine in ten (91%) adults say that we are failing future generations if we do not equip them with financial literacy while 85% believe they will be “poorer in the future without financial education”.
A similar number (88%) believe that pensions should be taught in school while 80% wish they had received such an education in their school days.
Almost three-quarters (74%) are worried about the financial future of children in the UK and agree that financial literacy should take precedence over some existing subjects.
One of the more alarming statistics from the survey was that one in five (21%) have never heard of the term “financial education”.
The research has bene published to coincide with the People’s Pension launch of a financial wellness feature on its mobile app.
“This new research highlights an urgent need and desire for accessible financial education and support in the UK,” said David Meliveo, chief commercial officer at People’s Partnership. “It’s very clear to me that the British public feels let down in this area, meaning it’s vital that organisations like ours step up and fill that gap.”
