Financial education offers advisers opportunity to engage next generation – Continuum
The Government announced plans in November to make financial literacy mandatory across primary and secondary schools, with the new curriculum due to be introduced from September 2028.
Financial advisers could strengthen relationships with clients and their families by providing financial education to younger generations, according to Continuum.
The national financial advice firm said the issue is particularly relevant as more than a quarter of a million young people prepare to start university, with many experiencing financial independence for the first time.
The Government announced plans in November to make financial literacy mandatory across primary and secondary schools, with the new curriculum due to be introduced from September 2028.
However, Continuum argued that the planned curriculum will still focus on relatively basic financial numeracy and topics, leaving scope for advisers to provide more comprehensive guidance.
Richard Watkins, certified financial planner at Continuum, said: “Financial education in this country is woefully lacking. In theory it is part of the secondary curriculum, and will be added into the primary curriculum from 2028, but what is on offer does not go far enough to give children the essential financial management skills they need in life.
“I always offer my clients some coaching sessions with their children, helping them build their knowledge and confidence around money from an early age.
“The coaching covers a wide range but focusses on how to deal with large sums of money, money skills, talking about fear of money, guilt around money and how to understand investment reports.”
He added: “Advisers are in a uniquely trusted position with their clients, who trust them with their finances and plans for the future. This places them in the perfect position to engage the next generation by helping clients educate their children around money management.”
Advisers could help younger people understand areas including budgeting, forecasting, long-term planning, diversification, investment risk and the effect of time and compound returns.
Continuum added that these conversations could also make families more comfortable discussing inheritance, gifting and intergenerational wealth transfer, while supporting advisers with longer-term estate planning.
Watkins continued: “The lack of education does not just lead to youngsters making mistakes with their money management, but it also gives them a real fear of talking about money.
“People are terrified about talking about money and their relationship with money because it is stressful, is a social taboo and we are uneasy talking about numbers.
“A good financial planner can help young people overcome that fear by giving them greater understanding, confidence and a clear sense of purpose when it comes to their money.
“This in turn can help them be more open with their parents and other loved ones, including the advisers’ clients, when talking about money and their plans for the future. Enabling the advisers’ clients to offer support and tailor any estate planning accordingly. A win for all.”
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