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60% of UK lack financial education

Six in 10 UK people feel they do not have the necessary skills to manage their money properly, new research shows.

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A study carried out in November 2020, by global software consultancy ThoughtWorks, found lockdown has “fundamentally changed the way Britons manage money”.

 

The company said 62 percent of people involved in the study are now in better control of their finances than they were before COVID struck, but financial education is still a problem area.

 

The research found 46 percent of people believe that money skills should be part of the national curriculum, while 29 percent believe banks should educate people on money skills, from saving to budgeting.

 

Phil Hingley, director of financial services at ThoughtWorks UK, said: “For millions of people, mystery shrouds aspects of their personal finances – from how much to save to how to budget properly. Consequently, this creates anxiety and worry that then drives people away from taking charge of their long-term financial future.

 

"However, lockdown has created a seismic shift when it comes to people’s mind-set around personal finance. For the first time, vast numbers of people feel that they are starting to gain control of their outgoings and incomings, which is a promising position upon which to build. This change in attitude could have a long tail, particularly for future generations if the right infrastructure and education is put in place now.”

 

On February 10 at 12pm, on RS TV, Reward Strategy will host “The importance of key workers and financial wellbeing”. This will look back at recently broadcast sessions, followed by a live Q&A.

 

Register now for the session, even if you aren’t available to attend live - the recorded session will be sent to you post-event.

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