Many British adults can be confused by financial matters due to a lack of education on the subject at schools and colleges.
Just one in 10 adults say they received useful advice on finance through the education system, according to a survey by trade body R3 and polling body ComRes.
“PHSE education in schools is meant to cover Personal, Social Health and the Economy, but it seems that the economic education is sadly lacking,” said Martin Williamson, Managing Director of insolvency practitioners, ipd, based at Park Hall Business Village, Stoke-on-Trent.
“Learning good financial habits, including budgeting and saving is vital and I’m joining other R3 members in calling on the Government to bolster economic education in schools.”
The ComRes survey for R3 saw more than 2,000 adults being asked for their experiences of finance education in schools and colleges.
Around 11% said the advice they received was “not useful” and 66 per cent said they hadn’t received any advice.
The most common source of personal finance advice for British adults is friends and family, with over two-thirds of people gaining advice in this way.
A surprising proportion of adults say that they have never received advice from a specialist provider of financial advice such as a bank (45%), professional financial advisor (60%), or governmental money advice body (64%).
Martin added: “While advice from friends and family can be useful, speaking to a regulated professional who has the knowledge and experience necessary to give up-to-date advice is a necessity, particularly if people are worried by lack of income or debt.
“If you had a health query, you’d talk to a specialist; the health of your finances shouldn’t be any less important.”
For further information on ipd, please go online to www.ipd-uk.com.