Financial education charity director responds to recent Money and Pensions Service report into young people’s financial wellbeing

Financial education charity director responds to recent Money and Pensions Service report into young people’s financial wellbeing, warning that the UK is “sleepwalking into disaster” of adult financial capability

Stewart Perry, Director of the Centre for Financial Capability, responds to the latest UK Children and Young People’s Financial Wellbeing Survey from Money and Pensions Service:

“Today’s report into financial wellbeing highlights what we have been warning about for a long time: that there is a colossal financial capability crisis in the UK, affecting all ages. The report states that only around 1 in 2 young people receive meaningful financial education, however, our own research at the Centre for Financial Capability indicates that this number may actually be as low as 1 in 5.

“It is clear that we are dangerously sleepwalking into disaster of adult financial capability. The Government must wake up to the huge economic challenge that this presents to the UK. We do not have to look far to see the catastrophic consequences that the lack of financial education for young people can cause in adulthood. In fact, we are condemning the next generation to a life of financial insecurity and difficulties.

“The UK must become more financially resilient, but this has to start at childhood. I urge the Government to recognise the vital importance of financial education for young people, which can boost financial confidence, improve national wellbeing and aid the UK’s economic recovery. Without this, we have failed future generations.”