Personal Finance Society extends financial education programme

A survey of 2,000 adults in 2018, commissioned by Quilter, showed most (77 per cent) adults could not recall receiving any financial education in school and 79 per cent said they wish they had been taught about money matters.

To address the need of adults for more information on how to balance a budget, secure a financial safety net, buy a home, fund care and ensure an income when they retire, the new My Personal Finance Skills “Your Money” section for adults has a money health check tool to show individuals where their cash currently goes and encourages them to consider whether they could better manage their money.

A savings calculator is also offered, which identifies how much cash needs to be set aside to achieve a goal such as buying a home or paying for a wedding.

The site also contains information on how to avoid scams and explains when financial advice could be needed, how to find a financial adviser and what an individual needs to do to be prepared for a meeting.

The website also signposts to organisations offering guidance, such as the Money and Pensions Service.

Schools participating in ‘My Personal Finance Skills’ will be encouraged to share the link with parents of pupils who receive financial education workshops from the Personal Finance Society’s pro-bono initative.

In the coming weeks, the “Your Money” section will also include articles from financial advisers on what adults can do to improve their financial resilience.

Any financial adviser wishing to write an article for the “Your Money” section should email skills@thepfs.org.

Keith Richards, chief executive of the Personal Finance Society, said: “Following the ongoing success of our school-focused programme ‘My Personal Finance Skills’, which has around 1,000 volunteer education champions across the UK, it seemed logical to extend the promotion of financial education, support tools and the principle of financial wellbeing to everyone.

“The FCA’s recent consumer survey on Financial Lives identified that the stark challenges facing more than half of adults, a general lack of financial resilience and vulnerability to scams. Improving personal finance skills either a little or a lot can make life changing differences and additionally raises the profile of professional advice.

“The responsibility for making money last a lifetime increasingly falls on the shoulders of individuals. Individuals take on the burden of risk in a way that they did not have to in the past when it was shared more with government and employers.

“Covid-19 has shone a light on how important it is to ensure adults are educated and empowered to take action to improve their own financial resilience. We hope this website will help adults gain the knowledge they need to be able to confidently rebuild their finances better in the years to come.”