Students want better financial education

A recent survey shows that nearly 60% of university students wish they’d had more education about budgeting and financial decisions when they were at school.

This reflects a growing need for financial literacy among young people today.

What is financial literacy and why’s it important?

Financial literacy is all about grasping how money works. It involves knowing how to earn, save, invest and spend your cash wisely. With a basic understanding of these concepts, you can make better choices regarding your finances.

Having good financial literacy helps you budget effectively, steer clear of debt and save for what really matters, as well as giving you the confidence to make sound financial decisions.

Survey findings

The Higher Education Policy Institute (Hepi) surveyed 1,105 full-time undergraduate students in England.

Here’s what they found:

• 59% want more financial education.
• Only 38% think they are ready for life and work after school.

These results highlight a gap between what students learn and what they need, especially as financial pressures increase.

Financial challenges for students

Many students face financial difficulties while studying.

• 56% work part-time during term time.
• A third of those who don’t work would like a job but can’t find one.

With many balancing studies and jobs, good budgeting skills are essential. Students want to succeed, not just get by. More financial education could help them make better choices.

Need for curriculum changes

Almost 40% of students feel there are too many assessments, suggesting a need to simplify the curriculum to include important topics like financial education.

Views from educators

Educational leaders agree that the curriculum needs balance.

Sarah Hannafin from the NAHT union noted that while schools want diverse subjects, they face budget issues.

She sees the curriculum review as a chance to improve relevant learning for students.

Government response

The Department for Education recognises the need for change.

A spokesperson said some parts of the curriculum work well, but others need improvement. A review is underway, with a final report due this autumn.

Moving forward

As conversations about financial education continue, recommendations include adding more financial planning courses in schools.

These changes could better prepare young people for their futures.