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British Schools Score an F for Financial Education; Latest Report Finds

In the lead up to the 2022 Spring Budget, finance and money are on everyone’s minds. Brits are likely to want to gain a better understanding of their finances now more than ever.

The online learning platform FutureLearn has released its second annual report ‘The Future of Learning‘, which breaks down present attitudes towards the education and learning system.

The report provides a post-pandemic view of how and what people hope to learn in the future, and the skills both professionals and employers are prioritising to bolster the future economy.

Of the many elements discussed in the report, the data puts forward how some Brits feel at a disadvantage when understanding everyday finances.

This unsurprisingly includes complex finance systems like mortgages, taxes and savings.

Thirty-nine per cent of respondents feel that everyday money management is missing from the school curriculum.

The calls for more financial education to be included on schools’ agendas were led by 44 per cent of baby boomers, followed by millennials at 35 per cent, and Gen Z at 30 per cent.

These figures are in spite of a recent survey by Conscious Youth that revealed how almost three-quarters of young people will leave school without a clear understanding of what a mortgage is.

Leading up to the 2022 Spring Budget, which is due 23 March 2022, and with the knowledge that Britain’s inflation rate is set to hit a 30-year high of 5.4 per cent, people will likely want to increase their income, as well as gain a better understanding of their finances now.

With people becoming more entrepreneurial in order to boost their income, including the growing prevalence of side hustles, it’s no surprise that 41 per cent of Brits admit they would consider starting their own business alongside their full-time job, with this being more prevalent in the 16 to 24 age group; cited by 65 per cent of repondents.

With an increased interest in starting a business outside of one’s mainstream of income, people are also looking to diversify the way they learn and acquire new skills.

When asked how they would consider gaining new skills to start their own business, online short courses came out on top at 19 per cent, followed by the 16 per cent of Brits who would consider using self-guided studies as the best way to learn.

This is supported by the fact that the business and management course category is the second most popular for enrolments on FutureLearn; the platform has reported.

FutureLearn CEO Andy Hancock
Andy Hancock

“This year’s Future of Learning Report offers a deeper insight into key education and learning trends and how they’re impacting learners, educators, employers and society as a whole,” comments FutureLearn CEO Andy Hancock.

“As leaders within the online learning space, we at FutureLearn have a responsibility to set the bar for how we can continue to drive forward and re-shape the sector according to the ever-evolving needs of the consumer and the wider workforce, as well as of our global network of university and industry partners.”

Hancock was appointed to the position of the platform’s CEO back in September 2021.

Money impacts everyone and, from the data, it’s clearly something people want to understand more about but also want to acquire more of, as one-third of Brits stated they would study a subject that they know would get them a promotion or a well-paid job.

Astrid deRidder, VP of content and learning at FutureLearn
Astrid deRidder

Astrid deRidder, the platform’s VP of content and learning added: “Given the current economic climate, it’s only natural for people to want to have a greater understanding of how to better manage their money and personal finances.

“The research from our Future of Learning report this year shows that online learning clearly has a powerful role to play in increasing access to such vital knowledge and resources, from our courses and ExpertTracks on entrepreneurship and finance to our Microcredentials on business management.

“At FutureLearn, we’re dedicated to ensuring that people at all stages in their lives and careers feel empowered to achieve their goals, financial or otherwise, no matter how big or small.”

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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