According to a report, two thirds of youth believe that they are in debt due to lack of financial education.
Research has shown that important money habits and skills begin to form between the ages of three and seven, yet only 38 per cent of children and youth in the UK have some form of financial education in school.
Studies have also linked high levels of economic deprivation to low levels of financial understanding, making problems worse for already vulnerable communities.
The data was sourced by Santander UK, which is working with ambassadors Ant and December to launch a new financial education program – The Numbers Game – created in partnership with the educational publisher, Twinkl,
Ant McPartlin said: “Research has shown how important it is to have the right resources available to children and young people.
Declan Donnelly said: “There’s no better place to start learning how to handle your finances than school and hopefully this campaign can really make a difference for young people.”
First launched in 2019 to promote numeracy, the banking giant believes The Numbers Game has helped over one million children and young adults become more confident with numbers and money.
Faced with increasing living pressures, 83 percent of adults already reported an increase in their household costs in March 2022.
And 44 percent believe they would be better prepared financially if they had received a financial education that includes basic money skills such as household budgeting.
Mike Regnier, CEO of Santander UK, said: “Promoting key wealth management skills at an early age will ensure future generations leave school equipped with the foundations of financial independence and better financial decision-making skills.
“As a responsible business, improving financial education and literacy is a major ambition, so we are delighted to have Twinkl We can provide teachers and parents with engaging tools that will make a difference to students across the UK. ,
Sarah Poretta, executive director of The Money and Pension Service, said: “We believe numbers game learning resources will contribute significantly to that national goal by giving more teachers and parents the confidence, skills and knowledge to teach financial education.”
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