Research by Quilter has found that more than three quarters of UK adults who did not receive a financial education at school wish they had.
The company revealed 77% of UK adults did not or could not recall receiving a financial education at school.
Of this group, 79% wished they had received some form of financial education.
Jane Goodland, corporate affairs director at Quilter, said: “Over the past number of years we’ve seen a disturbing number of statistics on the financial fragility of UK household finances. Despite this financial education remains worryingly absent from the school curriculum.
“Common sense would dictate that if we want to give the next generations the best chance at financial success we need to give them the tools and education to do so. The government needs to realise that financial education offers incredible value for money for them in terms of policy making because it treats the cause of the epidemic of under saving and reliance on debt rather than the symptoms.”
The analysis also found that only 12% of parents claimed their children received some form of financial education.
It also found 98% of respondents claimed financial education should be taught in school and 41% believed it should be part of the primary school curriculum.
Scott Gallagher, an adviser with Leicester-based Rowley Turton, said: “Financial education in the UK generally is sadly lacking.
“I’ve educated my own children on financial matters and it’s great that financial education is a compulsory part of the National Curriculum in England.
That said, a World Bank report looked at 126 impact evaluation studies and found whilst “financial education significantly impacts financial behaviour and, to an even larger extent, financial literacy” unfortunately “financial education is less effective for low-income clients”.
“Given the World Bank report, more work needs to be done on financial education for those on low-incomes including debt management.”
Quilter surveyed 2,000 adults in October to mark the start of Talk Money Week, which aims to get more people talking about their finances to improve money management across the UK.
Aamina Zafar is one of the UK’s leading financial journalists. She has previously worked as a senior reporter at FT’s Financial Adviser. The award-winning journalist writes regularly on the IFA community, mortgages, pensions and financial regulation.
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