Most UK adults believe the country is failing future generations by not providing adequate financial education, according to new research from People’s Pension.
A YouGov survey commissioned by the £38bn master trust found that 85% of adults believe that without financial education “we will all be poorer in the future”, while 91% said the UK is failing future generations if financial literacy does not improve.
Nearly nine in 10 respondents believe pensions should be taught in schools, and 80% said they wished they had received financial education themselves.
“This new research highlights an urgent need and desire for accessible financial education and support in the UK.”
David Meliveo, People’s Partnership
The announcement comes amid growing policy focus on financial inclusion. In November, the government confirmed plans to add financial education to the National Curriculum at primary school level, following reforms set out by the Department for Education.
David Meliveo, chief commercial officer at People’s Partnership, the provider of the People’s Pension, said: “This new research highlights an urgent need and desire for accessible financial education and support in the UK. It’s very clear to me that the British public feels let down in this area, meaning it’s vital that organisations like ours step up and fill that gap.”
The Institute and Faculty of Actuaries (IFoA) has called for the government to ensure that its financial inclusion and education policies incorporate retirement saving, through measures to boost auto-enrolment coverage and by addressing under-saving problems among low earners.
IFoA president Paul Sweeting writes in a column for Pensions Expert today (26 January): “Integration of this sort could turn two separate efforts into one powerful, coherent push for lifelong financial security.”
The People’s Pension recently announced a partnership with financial wellbeing platform Nudge to include the company’s services in the master trust’s digital member portal. These include budgeting calculators, planning tools and tailored content aligned to life stage and financial goals.
Meliveo said the addition was helping to close the “financial knowledge gap” as well as “empowering people to make smarter, more informed decisions about their financial future”.
Tim Perkins, chief executive and co-founder of Nudge, added that the integration would help make financial education “accessible, practical, and engaging for everyone”.
