Millennials want more financial education
Two-thirds of millennials said they’ve never been taught about financial planning so they don’t know the best way to save or invest their money.
Seven in 10 (72%) said they don’t know which financial products best suit their needs while 38% don’t know what an ISA is.
Half of the 2,000 18-35-year-olds polled said they don’t know what the advantages are of investing over holding cash.
The research from investment app Moneybox revealed that 39% feel uncertain about planning for their future while 34% said they’re anxious at the prospect.
As a result, Moneybox has launched the ‘Moneybox Academy’, an education series to give people information they need to be confident about the financial decisions they’re taking.
It will help people understand topics such as compounding, volatility, active vs passive funds and pound-cost averaging.
Ben Stanway, Moneybox co-founder, said: “At a time when it is arguably more important than ever for young people to save and invest for their future, the need for better financial education and literacy is even greater.
“For too long, support for those who want to save and invest has been geared to the wealthy – those who already have money. As a society we need to better equip the next generation with the tools and information they need to be able to plan their financial future more effectively.”