Yorkshire Building Society delivered free financial education lessons to more than 13,000 young people in 2024, pushing for all UK children to receive formal financial education at school.
Research from Yorkshire Building Society found less than half (42%) of 16 to 27-year-olds remembered receiving financial education in school since it became part of the curriculum in 2014.
To address this, the society ran financial education sessions through its Money Minds programme, with colleagues volunteering to teach children about money.
The society’s ‘Saving Generation Z’ report showed that more than a third (39%) of young people lacked the knowledge to make important financial decisions.
Those who received financial education at school felt more informed about topics like tax, debt, and mortgages than those who did not.
The research also revealed that half (50%) of Brits thought school financial education would have improved their finances, with a similar number (52%) relying on family for financial advice.
Chris Irwin, director of savings at Yorkshire Building Society, said: “Helping people with their financial wellbeing is at the heart of our purpose as a building society.
“We know that people who engage in positive financial behaviours such as saving are generally less anxious about money, and have greater life satisfaction overall.
Irwin added: “We also know that delivery of financial education across the UK is inconsistent, and that is why our colleagues have been out to schools and youth organisations to deliver financial education lessons to over 13,000 children and young people in the last year.
“Our research shows most young people rely on family to learn about money, meaning those from less financially savvy families may be at a disadvantage.
He said: “There is an opportunity for us to help future generations have the best start in life, by teaching them important life skills and core financial information at school.
“Delivering financial education consistently in schools, from a younger age, and in a way that helps people have the knowledge to deal with real-life issues, will help more people have a good foundation in life to face the future and its challenges, with confidence and optimism.”
