Recent YouGov research into the financial literacy of the nation reveals that young adults are least likely to understand financial literature, with just 8% of UK 18- to 24-year-olds admitting to having a ‘high understanding’, compared to at least 20% of older age groups.
Generally, half of all UK adults (50%) modestly rate themselves as having some understanding of financial products and services.
- 15% say they have a ‘very good’ understanding.
- A minority of just 5% admitted to having ‘no understanding’.
Breakdowns: social class, gender and age
Social class, gender and age also play a key part in consumer understanding of financial products.
- Almost three quarters (73%) of socio-economic group ABC1s say they have some or a very good understanding of financial products and services, compared to just 54% for C2DEs.
- 72% of men claim a very good understanding compared to 58%