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YouGov survey, carried out for YBS, highlights lack of early financial education

14 November 2016

  • Survey also shows 27 per cent of parents with children under 17 think their children have a low level of financial education.
  • Yorkshire Building Society’s Money Minds financial education programme supports schools in teaching financial literacy for pupils aged five to 19.

Yorkshire Building Society has today released figures showing that fewer than a quarter of parents (22%) with a child aged 17 or under regularly talk to their children about money or finances.

The research, carried out by YouGov, also showed that 27% of parents with children aged 17 or under think their child has no, or a not very good level, financial education.

The figures have been released during Financial Capability Week (November 14 to 18) which is being supported by Yorkshire Building Society.

The mutual runs the free Money Minds financial education programme, consisting of a series of activities and projects designed to promote financial education and capability among children and young people aged five to 19 of all abilities.

Tanya Jackson, Head of Corporate Affairs at Yorkshire Building Society, said:

It is crucial to talk to your children about money from a young age and help to instil good money management skills.
Even children who are taught about money and finance at school need to put what they learn to practice in everyday life to gain a complete understanding.
Learning how to effectively manage finances is a vital life skill. We’re committed to supporting children and young people by supporting schools in teaching financial education and hope that our Money Minds programme will contribute to improving financial capability in the UK.”.

The Money Minds programme covers topics ranging from keeping money safe for ages five to seven, planning a party to learn budgeting skills for children aged eight to 11, up to calculating interest and responsibilities to repay loans for older children.

Lessons are delivered by Yorkshire Building Society colleagues as part of the mutual’s award-winning corporate volunteering scheme, which allocates each employee 31 hours’ paid leave every year to carry out volunteering in local communities.

More information about Money Minds can be found at www.ybs.co.uk/moneyminds

 

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