And it’s true, they do need more help. It’s a confusing world out there – especially for the Covid generation, who did a lot of their growing up under lockdown.
If you were a 14-year-old trying to detangle algebra and understand longshore drift via Zoom in 2020, then what chance would you have in understanding the difference between a direct debit and a standing order when it was probably right at the bottom of the school’s ‘must-teach’ list?
OneFamily undertook some research recently and the results are not altogether surprising; youngsters want to know more about money. A lot of the support already comes from home – nine in 10 say that they discuss financial matters with their parents. Around six in 10 have conversations about savings around the dinner table, and half talk about budgeting.
This is the generation that will have child trust funds or junior ISAs (JISAs) maturing – so, naturally, talk at home will turn to: “What are you going to do with the money that I’ve saved for you?”
Hopefully, some will choose to reinvest, and others will use it as a springboard for their future – whether that’s university, a car to get to their first job, or the seed money for a start-up business.
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So what of schools? They are facing huge pressures. It’s not easy out there, with long hours, a full curriculum to teach, Ofsted and school league table expectations. Teaching is tough. Sadly, only 40% of the 1,000 teens that we spoke to said that they had received financial education at school – with most of them being taught about money at secondary school.
Over half think that they should learn about it earlier, at primary school, and parents agree – on average, they think children should start learning about money at 10 years old.
Charities are also doing their bit. OneFamily is partnered with RedSTART, a charity that works with disadvantaged children across the UK to improve their life chances and aspirations. It’s a very important cause to support.
And we don’t just donate money; we’ve been hands-on with children visiting our Brighton HQ to have fun sessions with our team that teach them essential life skills – which is especially important during a cost-of-living crisis.
Children absolutely need a sound understanding of money – it enables social mobility and could add rocket fuel to their ambitions. And well done to all the financial services companies, parents, teachers and charities who are stepping up and doing what they can. You are doing a great job.
But perhaps we need a more structured approach that reaches children at an earlier age, to make saving, budgeting and banking less of a mystery and a lot more fun.
It could be transformational for the next generation.
Beth Tait is the marketing director of OneFamily