FINANCIAL knowledge and awareness can impact many aspects of our lives, from budgeting for our weekly food shopping and paying bills to meeting our mortgage payments and having enough money to live on in retirement.

And as the cost of living crisis crisis continues to unravel, this financial 'nous' has never been more important than it is now.

So, why are so few young people receiving proper guidance and education on financial management, and what long term effects can this have on a person?

According to Santander UK research, only 38% of children and young people have received some form of financial education at school, while 44% of adults believe they would be better able to manage their money now if they had been taught basic skills such as household budgeting at school or college.

However, as the cost of living crisis bites, many people believe that a lack of financial education and guidance has had a significant negative impact on their lives.

According to Santander UK, two-thirds of young people believe a lack of financial education has contributed to their debt.

Meanwhile, according to a separate study conducted by the Centre for Social Justice (CSJ) in collaboration with Lowell, 44% of people believe that more financial education would help them improve their financial situation.

Furthermore, the study discovered that more than two-thirds of 18- to 34-year-olds who have had financial problems believe it was partly due to a lack of money management skills.

This clearly demonstrates that people not only recognise the positive impact that proper financial education can have, but also desire and value it.

Financial education was added to the national secondary school curriculum eight years ago, but research conducted by the CSJ in collaboration with Lowell found that its impact was limited.

In fact, two-thirds of teachers believe that when students leave school, they have a poor understanding of money.

As a result, the CSJ and Lowell are advocating for money management lessons to be added to the primary school curriculum so that young people can gain financial literacy much earlier in life which from my point of view, cannot be actioned soon enough.

This, they believe, is critical because children’s financial experiences will vary greatly by the time they enter secondary school, depending on their socioeconomic background.

For example, the report stated that children from low-income families are less likely to be given pocket money, implying that they will have few opportunities to learn how to save and develop good spending habits.

Furthermore, it stated that the transition to a cashless society has resulted in fewer opportunities for children to learn proper money management, whilst those from less affluent backgrounds are less likely to have an online bank account.

As a result, millions of children and adults alike lack confidence in handling their money on a daily basis, and they go through life lacking the knowledge, skills and information needed to make important financial decisions.

As the debate over financial education continues, we would like to remind you that professional, regulated financial advisers are available at Future Life Wealth Management to provide guidance and support so you can take the steps necessary to achieve your financial and lifestyle goals.

As always, the entire team at Future Life Wealth Management is here to assist or support with any queries you may have in relation to any aspects of financial planning and management.

So, please don't hesitate to get in touch at the earliest opportunity HERE.