Financial education in Scottish schools does not add up
Most Scots believe schools are not providing enough financial education and many are concerned money skills are being picked up too late in life, according to fresh research.
The study by financial education charity Money Ready revealed that 78 per cent of Scottish adults think schools are not providing enough financial education.
Almost a third of people asked said they learnt key money skills too late to make the most of them, with pensions and investing being the biggest areas of regret.It also found that financial literacy is widely regarded as an essential life skill – with 78 per cent rating it as important as learning to drive.
Despite financial education already being included in the Curriculum for Excellence, the Scottish public believes schools should do more to teach students about money.
The Money Ready research identified the key areas of reform Scots would like to see, including: government intervention to ensure people receive financial education (79 per cent); financial education being provided across higher education and workplaces (75 per cent), and teachers being better trained to teach financial education (70 per cent).
Key topics people wish they had learnt earlier include:
◆ How to invest and grow money (36 per cent)
◆ How pensions work and why to start earlier(33 per cent)◆ Budgeting and managing bills(29 per cent)
◆ How credit scores work (22 per cent)
These findings are part of Money Ready’s Cost of Not Knowing campaign which aims to raise national awareness about the consequences of financial illiteracy.
Leon Ward, chief executive of Money Ready, comments: “We are seeing a massive public consensus that current levels of financial literacy are just not up to scratch. The ‘cost of not knowing’ is not just a phrase – it is the missed compound interest on a pension, the struggle to manage bills, and the anxiety of not understanding a credit score. By the time many people realise what they don’t know, they have already missed out on years of potential financial growth and opportunities.”
As Money Ready celebrates its 20th anniversary, it says it continues to advocate for consistent financial education at every life stage to ensure everyone has the knowledge and tools to make informed choices.
The charity works with more than 50,000 people across the UK every year delivering financial education programmes.
It wants to bring the language of finance to life, so that everyone can navigate their money with confidence, no matter where they started.
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