Financial education vital for financial planning

November 20, 2018

Enable’s IFAs in Bishop’s Stortford know that financial education is vital for successful financial planning. Recently two surveys carried out for the Talk Money Week campaign have highlighted the poor state of financial education in the UK.

Starting new working day as a team. Top view of group of six young people holding hands together and smile while sitting at the office desk

Sadly way too many adults believe their money education and that of their children undermines their ability to plan financially. Wealth Manager Quilter commissioned a survey and found that over three-quarters of UK adults who did not receive a financial education while at school wish they had. Only 12% of parents say their children have received some form of financial education.

In addition, another survey carried out by online fund manager Moneybox found that two-thirds of Millennials have never been taught about Financial Planning in its widest sense. They said “nine out of ten Millennials wish they’d been given financial education at school, three quarters feel they don’t have the information they need to “confidently” plan their financial future and more than half confess they have no financial plan in place”

These surveys suggest that nearly all people want better financial education and the age group between 18 and 50 is the one where knowledge is often most lacking. Some 38% of Millennials did not know what an ISA was and almost half (49%) did not know about the potential long-term benefits of investing in shares versus cash, said Moneybox.

“Common sense would dictate that if we want to give the next generations the best chance at financial success we need to give them the tools and education to do so. Says Jane Goodland, corporate affairs director at Quilter. Enable’s IFAs in Bishops Stortford can help your or your children look at how to invest in a better financial education for that oh so vital financial life plan.

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