The London Institute of Banking and Finance estimates that 68% of teenagers are leaving school with no financial education
“When am I going to use this in real life?” is a common refrain heard in maths lessons across the country. The closest I got to financial education at school was questioning if I should pay 50p for a single doughnut when the big kid who snuck out to buy them got 5 for £1.
A serious lack of financial education, coupled with rising bank fees, manifesting itself in a third of students using credit cards and payday loans to fund their education, points to a crisis. Many new graduates are being forced to get smarter about their money with student loans, and their accompanying interest rates, hanging over them, while one in five employers say they need to introduce financial education initiatives within the next year.
Thankfully, this knowledge gap will start to shrink as governments and businesses recognise how vulnerable young people are with limited financial literacy skills. In 2013, the government made financial education a compulsory part of the curriculum, while today’s National Numeracy Day further promotes this. We’re proud of the initiatives we have developed for Nationwide Building Society, which continue to contribute to improving financial education around UK.
In our short film series for Nationwide ‘Get Real’, Amber, Rio and Ben help you to budget for a meal, your next night out and those crucial revision materials.
Our Piggy Pennies resource for younger children is a first of its kind, using the latest 3D and AR technology to bring money saving to the classroom in a ground-breaking and fun way.
Only through education will a new generation of savvy savers emerge equipped to deal with the financial stressors of the playground and beyond. In fact, if these initiatives were around earlier I might not have bought all those doughnuts…