Majority of parents worry about giving their kids bad financial advice

Most parents (85%) worry they’ll give their kids bad financial advice, according to a new poll by Skipton Building Society.

Areas of uncertainty

The survey highlighted several key areas where parents lack confidence, including:

• investing (29%)
• budgeting (25%)
• credit scores (23%)

Many parents find talking about saving for university difficult, with 21% struggling with the topic.

Although they want to give their kids a strong financial start, over half (51%) feel they lack the knowledge to do so.

Fears of financial anxiety

There’s also a worry that talking about money might cause anxiety for their children, with the same number (51%) sharing this concern.

On top of these concerns, 41% of parents would rather not discuss their past financial mistakes.

The need for financial education

The research highlights a strong need for better financial education, as three-quarters (76%) of parents wish they had learned more about money and budgeting when they were younger.

Most believe that discussions about money should start around age nine, with 66% of parents thinking schools should play a bigger role in teaching financial skills.

When it comes to the topics to teach, two-thirds of parents think budgeting is key, followed by recognising financial scams (49%) and investing (45%).

On a brighter note, well over half (59%) are trying to include their children in family money talks.

What is financial education?

Financial education teaches you about how to manage money wisely, helping you make informed decisions and plan for a stable future.

Knowing more about money matters allows you to make better choices and reach your financial goals.

Money-related products can be confusing, so being financially aware is essential.

Learning about budgeting, saving, investing and managing debt early on can make you aware of budgeting, saving, investing and debt management. 

When we asked our customers what financial education topics they wished they knew more about:

• 76% said budgeting
• 68% mentioned credit and debt
• 62% talked about saving money

Why financial education matters

Our customers have told us they believe financial education might have improved their lives by:

• helping them make better saving and spending decisions (75%)
• boosting their confidence in managing money (68%)
• giving them a more positive attitude towards finances (51%)

Steps towards better financial literacy

If you’re feeling a bit lost, here are some easy steps to help you feel more financially confident:

• Learn the basics: Get to know terms like savings accounts, ISAs, and compound interest.
• Find helpful resources: Check out the free personal finance course at the Open University from Money Saving Expert. You can also grab a free copy of Martin Lewis' financial textbook.
• Chat with others: Share your money experiences with friends and family. You might pick up some useful tips.
• Try budgeting tools: Use our free calculator to keep an eye on your finances.
• Stay updated: Follow financial news to learn about market trends and personal finance advice.