The Young Persons’ Money Index 2023/24

Financial education was included on the national curriculum in 2014, and we’ve been monitoring young people’s experiences ever since through our Young Persons’ Money Index (YPMI).​

This year’s results show that there’s been some progress in the last decade, but levels of anxiety about money, and the desire to learn more, remain incredibly high.​

Here’s a summary of the key results.

Previous reports

Key statistics 2023/24

81% of young people in our survey said they worry about money or personal finances, compared to 60% in 2016.

85% would like to improve their financial situation.

82% say they want to learn more about money and finance in school.

Where do they go for information?

What do adults think?

This year we also posed questions to UK adults, including teachers and parents. The results clearly demonstrate the support for financial education among parents and teachers, with 89% saying that financial education is important for young people and rising to 95% among those that are parents.

“Financial capability is crucial for navigating life’s complexities, but our research – the Young Persons’ Money Index – shows that, even after a decade of financial education being included on the national curriculum there are still considerable hurdles to overcome.

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 a 21% increase since 2016. And there remains 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.

Our survey also shows that social media and influencers are starting to overshadow traditional, trusted sources such as financial institutions, educators, and charitable organisations – which puts young people at risk of real financial harm. “While the government and schools play a pivotal role in improving financial capability among young people, we should all unite in support of a national approached grounded in trusted information and credible sources. Together let us work towards a future where everyone is equipped with the knowledge and skills needed to navigate their financial futures with confidence and resilience.”

Shelley Doorey-Williams, Chief Executive, The London Foundation for Banking & Finance (LFBF)

About the YPMI

The Young Persons’ Money Index (YPMI) is an annual survey which tracks the take-up of financial education in schools in the UK. It also examines the attitudes, behaviours, and experiences of UK students in relation to money and personal finance. We’ve been tracking this since financial education was introduced onto the National Curriculum in September 2014.

For the 2023/24 edition we worked with Savanta to survey a representative sample of just over 2,000 secondary school children across the UK. Aged between 15 and 18, the young people came from a mix of schools including academies and local authority (state) schools, as well as independent schools. We asked them about:

  • their access to financial education
  • their confidence and behaviour with money
  • their use of financial services, and
  • their levels of financial capability and knowledge.

This year we also posed questions to parents, guardians, and teachers, to get a sense of their attitudes to young people and their levels of financial capability.

Find out more about LFBF

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