Britain's financial literacy

Topic Selected: Money and Finance

General Article icon Type: General Article

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%

Would you like to see the rest of this article and all the other benefits that Issues Online can provide with?

Sign up now for an immediate, no obligation FREE TRIAL and view the entire collection