More than six in 10 UK secondary school teachers believe today’s young people leave school with a poor level of financial skills and 59% say their pupils don’t understand what a credit score is. The latest research from information and insights company TransUnion shows two thirds (66%) of teachers think financial education has stalled as a result of the pandemic.
Nearly three quarters of teachers surveyed say their pupils struggle to understand the importance of personal budgeting, saving, money management and calculating interest. The majority believe a lack of real-life experience for students, such as having a part-time job outside school and handling money regularly, has had the biggest impact.
Over half think the lack of understanding is because core subjects had to take precedence over financial education, with students now lacking knowledge on how to budget and manage money.
