New research released today by
With personal finance hitting the national curriculum in
Consumers admit that their current lack of financial knowledge stops them from making informed decisions around mortgages (44%) and pensions (43%) right down to everyday products such as ISAs (32%) loans (29%) and credit cards (20%). The research also suggests ignorance really isn't bliss, with 42% of people admitting that their personal finances give them stress, anxiety and sleepless nights. This figure rises to 60% for the 25-34 year old age group and falls to just 29% for the over 55s.
The research also investigated basic financial planning such as household budgets. This revealed that almost half of all
A third of consumers suffer a monthly deficit with more going out than they have coming in. For these people, a simple household budget could be the lifeline they need as 11% of those surveyed see a shortage of just 10% in their monthly budget - enough to create huge financial problems over the long term but small enough to rectify with some careful financial management. This leads to more than one in seven adults (14%) regularly exceeding their agreed overdraft and incurring significant bank charges, adding to their financial woes.
Director of the
"The results of our recent survey paint a worrying picture for
"In response to this distressing state of affairs, and with financial education becoming compulsory in schools from September,
"Investing and finance can be simple-to-understand subjects that are frequently made very complicated and inaccessible -- we have set up this centre to democratise finance and make financial education more readily available."
David adds: "These free courses will arm people with the knowledge and information they need to make informed decisions about their finances, or to ask the right questions of the right people. This will inevitably go a long way in helping to close the growing savings gap that exists in the
The Managing My Money course is intended for those with an interest in developing their personal financial capability but who do not have previous experience studying the subject. Lasting eight weeks*, learners are expected to commit to around three hours of study each week. Managing
The course will also be available through
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