A survey of British employees reveals that a significant proportion of working adults wish they’d been taught more about the financial basics at school.
According to research*, the number one topic UK adults wish they’d learnt more about at school is pensions: 40% of respondents to a survey said that learning about pensions at school would have encouraged them to take their own pension more seriously as a young adult.
Would these skills have helped you?
Other popular financial topics British workers wish they’d learnt about at school include:
• Basic money management (e.g. budgeting) – 28%
• Saving methods – 28%
• General investment knowledge – 27%
• Understanding interest rates – 23%
• Mortgages and how to apply for them – 21%
The vast majority of the respondents (68%) felt they would have benefited from this type of general, everyday financial know-how at a younger age.
You’re not alone
If you feel a little at sea with the financial basics, you’re certainly not alone – and yet many people are needlessly ashamed of their lack of financial understanding. A more recent study** revealed that 55% of adults struggle to open up about money, with nearly one in five (18%) citing shame or embarrassment as the primary reason. We’re here to tell you that nobody is expected to know everything about their finances.
Financial advice is key
If you’re concerned about your finances or need help with basic financial topics, we aren’t here to judge. We’re on hand with simple, jargon-free advice that will provide you with the confidence and understanding you need to take control of your finances once and for all.
*Portafina, 2019
**Money and Pensions Service, 2020
It is important to take professional advice before making any decision relating to your personal finances. Information within this newsletter is based on our current understanding of taxation and can be subject to change in future. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change their value depends on the individual circumstances of the investor.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.
The information contained within this article is for information only purposes and does not constitute financial advice. The purpose of this article is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice. The Financial Conduct Authority does not regulate advice on deposit accounts and some forms of tax advice.
