New research of British adults reveals that, among 18-24 year olds, 37% feel unsure of what a bank is and 83% of this age group also felt unable to explain what sustainable investments are.
An independent poll by YouGov surveying British adults aged 18+ – commissioned by the UK Sustainable Investment and Finance Association (UKSIF) ahead of Good Money Week (19 –25 October), reveals that a large proportion of younger adults (18-24 year olds) feel unsure of a number of financial terms, with a particularly large majority (83%) being unable to explain what sustainable investments are.
Good Money Week, the campaign to raise awareness of sustainable, responsible and ethical finance, hopes to engage with young people, and students in particular, to help them understand the financial choices that are available and the importance of making sure they are happy with how their money is being used.
Lisa Stonestreet, Programme Director and Good Money Week Project Manager, UKSIF, said:
“A key aspect of Good Money Week is to empower people when it comes to asking questions about how their money is being used. In particular this year we are hoping to help young people understand that they have a voice when it comes to where their money is going. The Week is an opportunity to make sure that the people they trust with their money are using it in ways that benefit society and protect the environment.”
Debbie Pippard, Head of Programmes at Barrow Cadbury Trust said:
“The UKSIF poll has revealed a worryingly low level of knowledge amongst 18-24 year olds about the finance and investment sector. Good Money Week is a fantastic starting point for engaging students and young people, giving them the tools to make informed decisions about how their money is used.”
Lily Lapenna, CEO of youth financial education charity MyBnk said:
“Unfortunately these findings come as little surprise – for years the UK has educated young people into debt and money lessons have only just now become compulsory in secondary schools. There is much to do and Good Money Week highlights the critical role financial services have to play. Only this way can we achieve true financial literacy so young people can save, avoid unsustainable debt and make informed decisions. Get curious, ask questions and seek help”.
The Good Money Week ‘Life of a Fiver’ infographic and other Good Money Week resources for students are available here: http://goodmoneyweek.com/students.
The Financial Planning Group we will once again be supporting Good Money Week’s campaign and will be offering a free consultation for investors wishing to find out more during Good Money Week, so please call us on 0800 731 7614 to arrange an appointment at our office in the heart of Teddington.