Money worries and increasing social media use – troubling trends among young people seeking financial information, new survey reveals  

August 1st, 2024

The London Foundation for Banking & Finance (LFBF) today unveiled the results of its latest Young Persons’ Money Index, revealing that substantial gaps in financial education persist even after ten years of its inclusion in the national curriculum. The survey also shows an alarming growth in the use of social media channels and influencers as a source of financial information for young people.  

Shelley Doorey-Williams, Chief Executive of LFBF, commented:  

“Our Young Persons’ Money Index shows that, disappointingly, even after a decade of financial education being on the national curriculum, levels of financial confidence and capability haven’t significantly improved.  

“Worryingly, our survey also suggests we could be at a ‘tipping point’ for social media as a ‘go to’ for financial information – which puts young people at risk of real financial harm. We need to think differently, be more innovative and provide trusted information via the channels that young people rely on. 

“While the government and schools have pivotal roles in improving financial capability among young people, we all need to play our part.  Through this important research we hope to raise further awareness of the issues and encourage the finance sector, charities, educators and technology firms to join us in developing innovative approaches to supplement existing formal financial education.” 

Key results from the Young Persons’ Money Index 

The survey shows that levels of worry about money among young people are alarmingly high, with this year’s survey reporting a rate of 81% – one of the highest results since the survey began. And there is still a clear appetite to learn and do more. 85% also say they want to improve their financial situation, and 82% would like to learn more about the subject in school.  

A social media tipping point?  

The influence of social media and influencers as sources of financial information seems to be overshadowing traditional, trusted avenues like financial institutions, educators, and charitable organisations. Nearly a quarter (23%) say they teach themselves, with 17% of those relying on social media. Only 18% of young people gain their financial knowledge from school, while 41% depend on their parents or families.  Alarmingly, only 2% receive their information from banks or financial services providers. 

Overwhelming support for financial education among adults  

The survey also shows overwhelming support for financial education in schools among adults, particularly parents, with 95% of parents backing its importance. However, 40% acknowledged the complexities of the subject as a significant challenge, with a lack of time and confidence also cited as barriers. Overall, 79% of adults said they wished they’d received financial education at school.  

Back to news