“Last year, the FCA’s Financial Lives Survey revealed an astonishing catalogue of statistics: 4.1 million have failed to pay bills or credit commitments in three or more of the last six months, 3.5 million Brits are borrowing from friends and family to make ends meet and only just over a third (35%) of those age 45-54 having prepared for retirement.
“An understanding of budgeting, investing and making financial plans is hugely important. Research shows being good with money is not only about numeracy, but about behaviours and attitudes which begin to evolve at a young age. The Money Advice Service has shown that many of these key financial habits are set by the age of seven. We urge the government to give serious consideration to introducing financial education onto the primary school curriculum in order to tackle the epidemic of financial illiteracy which blights families across the country.”
*Old Mutual Wealth supports KickStart Money, the collaborative project that aims to take financial education to over 18,000 primary school children and support calls for financial education to become a compulsory element of the Primary National Curriculum.