You are here: Home - Uncategorized -

Financial education could make you richer

0
Written by:
14/06/2006

Compulsory financial education could make Britons much better off by their late 40s, research from Norwich Union has found.

The report highlights research from the US that shows compulsory financial education for school children can lead to people being, on average, richer by a year’s earnings between the ages of 35-49.

The research, commissioned by Norwich Union and written by the consultancy arm of the Institute for Public Policy Research, said that translated into the UK this could mean that a couple with two children aged 5 and 11 could be better off by about £32,000, and a couple with no children could be better off by about £22,000.

The report cites evidence that while 17 million adults successfully manage their finances as many as 10.5 million experience difficulty in financial planning.

David Barral, distribution director, Norwich Union said; “A better understanding of why people act as they do is crucial if the financial services industry and government are to engage consumers more effectively. We need to help motivate people to overcome their inertia and enable them to take greater personal responsibility for their finances.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Brits baffled by financial jargon

Confusing financial terms are encouraging people to ignore their pension provision altogether, new research has found.

Close