This section explores young people’s perceptions of what they have learnt about money, and where from, as well as who they would like to receive this
information from.
Young people were asked whether they knew more, the same or less about managing their money than a year ago. The findings are shown in Figure 5.5 (a). Figure 5.5 (a) Do you think you know more, the same or less about
managing money than a year ago? Single response. Base: All, 2011 (11,718)
Around two thirds (66%) of young people surveyed felt that they knew more now about managing their money than they did a year ago. Just over two in ten (22%) felt that they knew the same, and just 2% felt they knew less.
Boys were more likely than girls to say that they knew more this year than last (68% compared with 65%), as were older pupils and students (69% compared with 65%) and those in socio-economic group AB (69% compared with 66% of C and 64% of DE).
Young people were then asked whether they had learnt about money
management at home or at school within the past year. The results are shown in Figure 5.5 (b).
Figure 5.5 (b) In the last year, have you learnt about how to manage your money at school or from someone at home?
Single response. Base: All, 2011 (11,718)
In total, over four in ten (47%) young people reported having learnt about
managing money at school, while around two thirds (68%) said they had learnt at home. Just under one fifth (18%) said they had not learnt about managing their money in either setting.
Younger pupils (aged 12 to 15) were more likely than their older counterparts (aged 16 to 19) to say they had learnt about money management (83%
compared with 79%) and they were also more likely to say that they had learnt something in school (48% compared with 43%).
Young people were then asked whether they had learnt about money
management from any other sources within the past year. The results are shown in Figure 5.5 (c).
Figure 5.5 (c) In the last year, have you learnt about how to manage your money from any of these other sources?
Single response. Base: All, 2011 (11,718)
The most popular source of guidance around money management outside of the home or school was family members who don’t live at home (36%). Just over a fifth of young people (22%) cited friends as another source, and 16% mentioned TV or radio. Nearly two fifths (38%) claimed that they did not learn about money management from any other source.
Older pupils and students were slightly more likely to say that they had learnt from their friends, with 23% of 16–19-year-olds citing this source compared with 21% of 12–15-year-olds. Younger pupils, on the other hand, were more likely to name family members not living at home as providing money management guidance, with 38% of 12–15-year-olds giving this answer compared with 33% of 16–19-year-olds.
Young people were asked whether they felt they should have more, fewer, or the same amount of lessons about money management in school. The results are shown in Figure 5.5 (d).
Figure 5.5 (d) Think about the number of lessons in school you have had on how to manage your money over the last year. Do you think you should have more of them, less of them, or the same amount of lessons like
these?
Single response. Base: All, 2011 (11,718)
Nearly two fifths of young people (39%) felt that they should have more lessons on money management at school, just under half (48%) favoured no change and only 13% thought they should have fewer money management lessons.
Older students were more likely to say that they wanted to receive more money management lessons, with 42% of 16–19-year-olds answering in this way compared with 37% of 12–15-year-olds. Those in socio-economic group AB were also more likely to say they wanted more lessons on the topic (45% compared with 40% of C and 35% of DE).
Young people were asked who they felt was the best person or people to teach them about managing their money. The results are shown in Figure 5.5 (e). Figure 5.5 (e) Who is the best person/people to teach you about managing your money?
Around seven in ten (71%) young people felt that the best people to teach them about managing their money were their parents. This was particularly true among girls (75% compared with 68% of boys) and younger pupils (72% of 12– 15-year-olds, compared with 70% of 16–19-year-olds). Boys (51% compared with 49% of girls) and older pupils and students (57% of 16–19-year-olds, compared with 45% of 12–15-year-olds) were more likely to say that financial experts were best placed to teach them about managing their money.
In the qualitative interviews, young people talked about wanting to hear from anyone with relevant experience:
“Banks, because they obviously specialise in money. They could give us tips on how to save money, and tell us about the different accounts that they have, the saving accounts and the debit accounts. They could tell us, if we put money in their account, how much interest they would pay us,
before we put the money in there.”
[Dominic, 17, Cardiff, Wales]
“Just anyone with experience, like your parents. As long as you live with them then they’ll help you out, then I think they’re great for this kind of thing.”
[Hamza, 18, Cardiff, Wales] Young people were then asked how important they felt it was to learn about managing their money. The results are shown in Figure 5.5 (f).
Figure 5.5 (f) How important is it for you to learn about managing your money?
Single response. Base: All, 2011 (11,718)
Nine out of ten young people felt that it was important to learn about managing their money. Boys were slightly more likely than girls to rate it as very important (60% of boys rated it as very important, compared with 58% of girls). Older pupils and students were also more likely to see it as a very important subject to
learn, with 61% of 16–19-year-olds answering in this way, compared with 58% of 12–15-year-olds.
Young people in the qualitative interviews agreed that it was important to learn about managing their money:
“I think it’s important, because if you don’t know about money, the future is unsure. You might end up spending it all.”
[Kahiem, 13, Manchester, England]
“People who struggle with money and are worried about future can go onto a website to find about it and about what to do when they’re older. They’ll probably start thinking that it’s easy and not as bad as it sounds.”
[Nathan, 13, Manchester, England] 5.5.1 Summary
Roughly two thirds of young people (66%) felt that they knew more now about money management than they did a year ago. The vast majority of young people (82%) said they had learnt something on this topic in the last year, with just under half (47%) claiming to have learnt in school and around a third (35%) saying they had learnt at home. Other sources of information on money management included family members who do not live at home (36%) and friends (22%).
Most young people wanted to have either more (39%) or the same amount (48%) of lessons on money management at school. This can be explained
partially by the perceived importance of the information, demonstrated by 90% of young people saying that it is important to learn about managing money. With regard to who young people think should be delivering this information, over seven in ten (71%) thought it should be their parents and 50% thought it should be financial experts.