UK Leads Europe in Demand for Financial Education

by | 10/15/13 | Commentary, Uncategorized

UK adults report a greater demand for financial education in schools than adults in any other European nation.  This demand is in line with legislation that will require financial education throughout UK schools, for the very first time, as it becomes incorporated into school curricula next year.

The survey, which was conducted by Ipsos for ING, confirmed that the UK feels most strongly about financial education (with 88 percent reporting that they believe people should receive financial education in schools), as well as about leading the UK in financial literacy innovation.  Financial-related topics already are being taught in some schools within the region, but next year’s regulation will spark a substantial increase in the scope of the implementation. Interestingly, less than fifteen percent of UK adults reported that they had been taught financial concepts when they were in school, which may be one of the factors driving their current desire to change that for future generations.

The Netherlands (with 86 percent), Romania (with 83 percent), Austria (with 82 percent), and Poland (with 79 percent) were close behind the UK in the Ipsos survey.  At the other end of the survey results, the countries that felt the least strongly about financial literacy were Spain (with 74 percent), Italy (with 72 percent), Turkey (with 71 percent) and France (with 63 percent).

Many financial literacy industry observers are speculating that UK’s implementation next year of its national financial literacy requirement will infuse new energy into the financial literacy focus of other European countries.  And, many believe, this will inject a new round of policy and legislative efforts in those nations around financial education, which ultimately should boost the rates of financial literacy as individuals and families reap the benefits by virtue of a more robust understanding of financial and money management concepts.

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