UK’s poorest children less likely to understand of personal finances

Professor John Jerrim A "sizeable" gap in the financial knowledge of children, depending on which socio-economic group they come from, has been identified in a new study of more than 3,700 UK families, led by UCL researchers. The study, British Journal of Educational Studies, used a nationally representative data sample taken from the 2019 Children and Young People's Financial Capability Survey, measuring the financial capabilities and behaviours among British 7 to 17-year-olds. Addressing the findings, researchers are now calling for a greater emphasis on developing financial skills amongst children starting at primary school, particularly aimed towards those from disadvantaged social backgrounds. Lead author Professor John Jerrim (Social Research Institute at UCL) said: "There has been much concern in the UK about a lack of social mobility and the propensity for educational and social disadvantage to perpetuate across generations. With sizeable socioeconomic gaps emerging, the issue of inequality in financial capabilities needs more public scrutiny and debate. "What we find in our study is that children from more disadvantaged backgrounds are less likely to report covering money issues during their school lessons, with a particularly large socio-economic status gap in financial education provision towards the end of primary school. "The gaps emerge early in life and can often persist into the teenage years.