Boon Brokers research found that 83% of young adults across England did not list school as their main source of education around finance and mortgages.
The survey showed that 92% of young adults wanted mortgages to be taught in schools, while 74% did not know financial literacy was part of the national curriculum.
58% of young adults said no facilities were provided at school to learn about mortgages.
The research also found 39% listed parents as their main source of financial education.
17% said their main learning came from school, and 14% from social media, showing only a small gap between schools and platforms like TikTok for financial advice.
Despite this, 67% of young adults said they had an above-average understanding of mortgages.
Boon Brokers pointed out that most young people are entering the world of finance relying on information from social media and family, rather than formal education.
The research also found a 2% difference between those aged 18 to 21 and 22 to 24 when it came to access to school facilities for learning about mortgages.
Gerard Boon, managing director at Boon Brokers, said: “Without an official and institution-led education, young adults are entering into mortgage agreements without understanding interest rates, repayment terms, or the value of refinancing.”
“If young people don’t know that financial education is being taught, then how can we expect them to notably learn from it?”
92% of respondents rated the importance of mortgage education between seven to 10 out of 10, with 28% rating it as a straight 10.
Most young adults showed a strong desire to learn about mortgages, but the research found a clear gap between what is needed and what is being delivered in UK schools.
Boon added: “Mortgages are likely to be the most significant financial commitment that borrowers ever agree to.
“Therefore, financial education around mortgages should be a mandatory inclusion in the national curriculum.”
