Millions missing financial education

Over 15 million Britons have never received financial advice or been taught about managing their money, according to research by NS&I.

The study into Britain’s financial education and capability shows that 52% of respondents feel out of their depth when it comes to managing their finances on a day-to-day basis.

Over 2 million people have never received any financial, but would like to have done so.

36% of those who feel confident managing their money on a regular basis also wished they had received financial advice.

NS&I also found:

  • 7 million people confessed to not having any savings
  • 52% of those said they never received any financial education
  • 58% said they don’t save money on a month on month basis
  • only 36% said they had ever received financial advice.

Jill Waters, retailer director at NS&I, said: 

“We’d always suggest to people to do their research when it comes to making a financial decision, speak to a trusted adviser if appropriate and choose a product that best suits your needs. Having a savings pot easily accessible is a good way to cope financially should an emergency occur.”

Caroline Rookes, chief executive for the Money Advice Service, added:

“It is concerning that millions of Britons struggle to manage their finances and are unable to plan for their futures. With over 7 million admitting they have no savings at all and more than half saying they never received any formal financial education, it is unsurprising that many families are struggling and falling into debt.”

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