Financial Foundations, based on a survey of 4,740 UK children aged 7-17, found that just 52% of those living in Scotland had received a meaningful financial education in either or both settings.
Half of children in Scotland haven’t been taught about money at home or in school, according to a new report from the Money and Pensions Service (MaPS).
Financial Foundations, based on a survey of 4,740 UK children aged 7-17, found that just 52% of those living in Scotland had received a meaningful financial education in either or both settings.
After extending the measure across five and six-year-olds, MaPS is now estimating that around 370,000 children in Scotland don’t have the money skills they’ll need in adulthood and it’s calling on parents, schools, financial institutions and funders to help.
The poll asked if they remembered getting a financial education at school that they considered useful, with a quarter (27%) saying they had.
They were also asked if they received regular money from either parents or work, if their parents set rules on it and whether they were given responsibility for spending decisions, with 15% saying yes to all three.
A further 11% said both the above scenarios applied to them, meaning a total of 52% had received a meaningful financial education.
The findings also revealed that some children were more likely to receive one than others. Those in Scotland were the most likely (52%), followed by Wales (51%), England (46%) and Northern Ireland (43%).
The report shows that learning about money helps children to feel more confident managing and talking about money, save more regularly and have a bank account that they use.