Only one in four young adults received financial education at school

Millions of young adults are still leaving school without the understanding to manage their finances – despite financial education being part of the curriculum for a decade.

New research from Santander UK reveals that just 26% of 18-21-year-olds say they were taught how to handle money at school.

Worryingly, this means about 4m young people lack basic money management skills.

The role of social media

Because of this gap, many are turning to social media for their financial advice.

Santander's study found:

• 31% trust social media ‘finfluencers’
• of that amount, 25% rely on TikTok for financial guidance
• women (34%) are more likely to seek advice on social platforms than men (27%)

Education gaps

The research reveals a big difference between school lessons and the money skills needed in everyday life.

Just 13% of students think what they learn is useful for managing their personal finances.

Important topics like debt management and buy now, pay later schemes are rarely discussed, leaving young adults ill-prepared for the real world.

Confidence vs. experience

Many young adults believe they’re money-savvy even though:

• 79% have never created a budget.
• 76% have never paid a bill.
• 77% haven’t set aside funds for unexpected expenses.

This mix of confidence and inexperience could lead to risky decisions.

The bank's responsibility?

Nearly half (47%) of people think banks should focus on teaching financial skills.

Yet 45% of young adults haven't used their bank's educational resources, despite the same amount wanting to become more savvy about cash.

This is worrying, as 35% of them stress about money every day.

Santander says banks need to find new ways to reach young adults, such as using social media.

What can be done?

We want to see better financial education in schools as it teaches essential skills like budgeting, saving and managing debt.

It’s also why Santander is launching a new programme next year so that young people are better equipped to manage their finances.

Steps to a financially confident future

You don’t have to wait until next year to become more confident about managing your money:

• 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.

Consider regulated financial advice

One of the best ways to get trustworthy financial advice is to choose an adviser regulated by the Financial Conduct Authority.

They’ll help you make informed choices by providing personalised guidance based on your individual situation.

Check out our guide on getting financial advice for more information.

Struggling with debt?

If you need support with your finances, we’re here to help. You can find our free and impartial debt advice online anytime that suits you.

If you’d rather speak with someone, call us at 0161 518 8285. We're available from 8am to 8pm on weekdays and 10am to 4pm on weekends.