- Nine in 10 teens (87%) discuss money and finances with their families, this is equal to more than 2.9 million young people in the UK
- Financial services mutual OneFamily has found over half of teenagers (55%) think financial education should be taught earlier in primary school and should focus on how to save and budget
- More than four in five (81%) parents say children should start learning about money earlier on
As the cost of higher education, housing and living expenses remain high, teens are becoming more switched on the importance of finances and are eager to learn more about managing their money in school.
However, access to financial education can vary, leading many teens to rely on their families to learn about money. In fact, 87% of teens – which is equal to more than 2.9 million young people in the UK – talk about money with their families.
Teens are actively engaging in money talks at home, with the hot topics of conversation around the dinner table being saving for their future (59%), budgeting (49%), and the costs of bills (47%).
A survey of 1,000 young people aged 14-17, conducted by financial mutual OneFamily, found over half (55%) of teenagers think they should start learning about money in primary school.
Teens are witnessing firsthand the challenges their families face in balancing budgets and making ends meet, which has sparked an interest in understanding finances. As a result, most teenagers say that saving (70%) and budgeting (63%) should be prioritised as school lessons.
As part of the research by OneFamily, 2,000 UK adults aged 18-50 were asked a similar set of questions. Eight in ten (81%) agree that financial education should be introduced earlier than it currently is, with the average suggested starting age being as young as 10 years old.
RedSTART, the UK-based financial education charity, is looking to address this through its Change the Game programme, with a multi-year study into the impact of early financial education. Its aim is to develop an evidence base and a blueprint for the Government on how to embed it across the primary school curriculum.
Jim Islam, CEO of OneFamily, said, “During the cost-of-living crisis, money talks are becoming a dinner-table staple for young people who are seeing their parents struggle with tight budgets. Growing up during a challenging economic time hasn’t been easy for young people. Now, more than ever, they need improved financial education to help them navigate their futures.
“Incorporating financial education into the school curriculum at all levels, which teenagers are calling for, could be transformational for the next generation.”
Sarah Marks, Chief Executive of RedSTART said, “Through our Change the Game programme, we’re also seeing that children of all ages – even those as young as four – are interested in learning about money and understanding how to manage it, as well as thinking about the concepts of saving and how that can help them in the future.
“In the current economic environment, we believe the need for fit-for-purpose financial education has never been more vital, and we hope that the findings from our study will help make this a reality for every primary-aged child in the future.”
ENDS
Notes to Editors
Unless otherwise stated, the results in 2024 were obtained from two surveys by Opinium on behalf of OneFamily:
1. 1,000 sample of UK 14–17-year-olds between 11th and 22nd July 2024
2. 2,000 sample of UK adults, 18- 50-year-olds between 11th and 22nd July 2024.
About RedSTART
RedSTART® is a charity that aims to transform the life changes of primary-school children across the UK through financial education.
Started as an initiative by Redington 10 years ago, RedSTART achieved charitable status in 2017. In 2022 it launched ‘Change the Game’, a new project designed to equip primary-age children with the tools needed to achieve financial security. Over the course of seven years, the organisation will work with 80 primary schools and c. 17,000 children in communities of greater disadvantage with the aim of developing a blueprint for improving the financial knowledge of 4.7 million children.
RedSTART Educate is a charitable incorporated organization (CIO). Registered in England and Wales (1170297) and Scotland (SC050276). Registered office: 1 Angel Court, London, EC2R 7HJ, United Kingdom.
About OneFamily
We’re owned by our members for our members, which means we don’t have shareholders to pay – so we can reinvest our profits for good. Putting our members first and improving the financial wellbeing of those who need it most is firmly built into our values.
We have nearly 1.6 million customers* and 49 years’ experience of providing accessible, affordable products to help people make the most of their money. And don’t just take our word for it – our customers rate us highly, with an overall satisfaction score of 93% in 2023.**
Inspiring Better Futures
Our Inspiring Better Futures vision is driven by doing the right thing for our customers, colleagues and communities. Whether it’s supporting our customers with educational grants, investing in our colleagues’ wellbeing and development, or giving back to our communities through volunteering and charity partnerships, our vision is at the heart of what we do.
We awarded 111 young people education grants to help with the cost of further education and training in 2023, as well as supporting our communities through volunteering and our charity partnerships.
For more information on how we support our members and communities see:
Young Persons Education Grants | OneFamily
Charity Partnerships | OneFamily
Inspiring Better Futures | OneFamily
*As at 12 May 2024.
**Source: Bright survey, 2023.