New research has revealed that over 15 million Brits were never formally taught about how to manage their money but wished they had been.
The study, by UK savings organisation NS&I, into Britain’s financial education and capability shows that over half of those questioned (52 per cent) feel out of their depth when it comes to managing money on a day-to-day basis and have never received formal financial education of any kind but would like to have done.
Around a third (36 per cent) of those who feel confident managing their money day-to-day but not for the long term also never received financial education of any kind but wished they had.
Over seven million Britons confessed to not having any savings at all and 52 per cent of these say they never received any formal financial education, as well as 58 per cent of those who do not save any money month on month.
Of those who have received formal financial education only just over a third (36 per cent) say they got advice about the importance of saving money.
Jill Waters, retail director at NS&I, said: “Our research illustrates millions of us may be struggling without a basic knowledge of money, savings and how to plan for different life stages. “Getting a good understanding of personal finance will help people make more informed decisions.”
“We’d always suggest to people to do their research when it comes to making a financial decision, speak to a trusted adviser if appropriate and choose a product that best suits your needs. Having a savings pot easily accessible is a good way to cope financially should an emergency occur.”
What we need to learn
Encouragingly, it’s budgeting, saving, and planning for retirement that the public believe are the most important aspects of financial management.
At the other end of the scale, however, it appears that most Britons think that handling redundancy, understanding benefits entitlements and making a will are the least important aspects of financial education.