Research reveals most important finance information for children to learn

Research from Moneywise has revealed the most important financial information that children should learn, with over a third of survey respondents believing that budgeting is the most valuable skill.

The financial education poll coincides with My Money Week, a scheme that was launched by Young Enterprise and Pfeg (the Personal Finance Education Group) to highlight the importance of helping children to learn about personal finance in schools.

Important

The research asked respondents what they believe is the most important financial information to teach children, with learning the difference between need and want being revealed to be the second most important skill, cited by 28 per cent.

This was followed by learning about why overspending and getting into debt can be dangerous (21 per cent), the importance of working or earning an income (8 per cent), and learning how to save and earn interest (6 per cent).

The survey, which was based on 365 votes, found that just 1 per cent of survey respondents believe that children do not need financial education in schools.

Campaign

The research received different answers to a recent survey carried out by M&G Investments, which found that over 70 per cent of parents and grandparents believe that saving is the most important finance skill for children to learn.

The poll from Moneywise comes after the financial advice website launched its Get Personal Finance Education Working campaign, calling for its readers to take action and help young people have access to financial education.

To read other stories about business, accountancy, finance and entrepreneurship, visit the LSBF blog.

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