Many teens enter adulthood without basic financial literacy
The UK ranks well above the OECD average for spending per pupil in primary and secondary education coming seventh out of 32 countries for primary education and eighth out of 32 countries for secondary education.
A recent report by the CIPD, however, highlighted that public spending on education and training has, in fact, fallen in real terms since 2010.
From an educational perspective, Finance as a subjet, is often viewed as the realm of university students, or maybe a few maths geniuses in school. It would seem, however, from the same CIPD report that many teens enter adulthood without basic financial literacy. As a direct result it’s not had to appreciate that many young people in the UK will therefore experience slower progression in their first years of employment (compared to other OECD countries). It’s a sobering thought.
Sadly, it seems that it’s just assumed that teenagers will learn these life skills later on. But the reality is that many lacking basic finncial awareness will have to learn about money the hard way, and often too late.
Compared to other OECD countries, the UK has mediocre to poor outcomes on numeracy (to name but one skill). Literacy and numeracy together are pretty much prerequisites for access to intermediate and higher-level skills training but among 16–24-year-olds, England and Northern Ireland together rank in the bottom four OECD countries for these essential skills.
Why do so many parents avoid the subject of money?
Raising children's financial awareness helps them to avoid financial struggles later in life; it arms children with a better understanding of money, enabling them to begin managing their wants and needs more wisely.
Money management should not be treated as a speciality field either; in practice, it is hard to think of any other set of skills that better guarantees personal freedom. Understanding the role money plays in our lives and appreciating the relationships people have with money are essential areas of knowledge. Appreciating the advantages of budgeting and recognising the value of saving, gives children a real grasp of money, helping them to take charge of their financial future. It is not terribly hard to get teenagers interested in making and managing money either.
About our workshops
Camp Evolution’s financial awareness workshops were developed specifically for 9 to 14-year-olds. The programmes run as both full and half-day programmes. After launching in Cheshire in 2016, we’ve since run sessions across the UK and we've many more in the pipeline.