For many of us, our school life was defined by exams; being taught what you need to know to pass important tests.
It was only once we left education that we realised we didn’t actually possess much of the information and skills we needed to thrive as adults.
Financial literacy is a particularly good example of this, as a study by Discounts for Teachers has found that nearly eight in ten people have struggled with their personal finances since they left school.
So while many might still be able to list Tudor kings or point out the features of a glacial valley, even years after leaving school, they can’t necessarily define what interest rates are, understand how a mortgage works or know how to manage their household budget effectively.
For many, this lack of financial knowledge and understanding has been brought into sharp focus by the cost of living crisis, with just 29 per cent of those polled saying they felt well prepared to handle rising prices thanks to skills they learned in school.
That’s deeply worrying, particularly at a time when inflation remains stubbornly high and many people are struggling with increasing mortgage rates.
Although the government has talked up the value of maths education, with Prime Minister Rishi Sunak saying he wants to see all schoolchildren in England studying maths until the age of 18, financial literacy, in particular, isn’t yet mandatory in schools.
So it’s interesting to see that many people who actually work in schools would like that to change. Nearly nine in ten teaching and non-teaching staff polled by Discounts for Teachers said more should be done to educate young people about managing money, while over two-thirds went as far as stating that it should be added to the school curriculum.
And in what’s perhaps a reflection of their own personal struggles, over half said they wished they’d been taught how to manage money when they were at school.
As professional financial planners, we see all the time how people feel overwhelmed and daunted by financial terminology, the complexity of the market and the sheer number of products and service providers out there.
People often don’t know where to start, and there’s an added layer of fear piled on, as the consequences of making the wrong financial decisions can be huge.
But that’s exactly why we’re here. As regulated specialists in this area, we can guide you through this confusing environment, helping you make the best decisions and feel confident that you’re on the right track.
We’re dedicated to basing our advice around your specific needs and objectives, as well as acting in all our clients’ best interests.
So if you feel overwhelmed and uncertain, rest assured that help is out there.
If you have any questions about what you can do to make your money work harder for you, or how to increase your chances of achieving your financial and wider lifestyle goals, please don’t hesitate to get in touch with us, and we’ll be happy to speak with you.
Managing money doesn’t have to be overwhelming if you have an expert by your side.