Yorkshire Building Society employees delivered financial education lessons to more than 13,000 children and young people across the country last year, supporting the mutual’s call for all children in the UK to receive formal financial education at school.
Chris Irwin, director of savings at Yorkshire Building Society, said: “Helping people with their financial wellbeing is at the heart of our purpose as a building society. We know that people who engage in positive financial behaviours such as saving are generally less anxious about money, and have greater life satisfaction overall.
“We also know that delivery of financial education across the UK is inconsistent, and that is why our colleagues have been out to schools and youth organisations to deliver financial education lessons to over 13,000 children and young people in the last year.
“Our research shows most young people rely on family to learn about money, meaning those from less financially savvy families may be at a disadvantage. There is an opportunity for us to help future generations have the best start in life, by teaching them important life skills and core financial information at school.
“Delivering financial education consistently in schools, from a younger age, and in a way that helps people have the knowledge to deal with real-life issues, will help more people have a good foundation in life to face the future and its challenges, with confidence and optimism.”
Research from Yorkshire Building Society suggests less than half of 16–27-year-olds recall ever receiving any financial education in secondary school despite it being on the national curriculum since 2014. To help support the delivery of financial education in schools, the Society delivered face-to-face financial education sessions in classrooms up and down the country through its flagship Money Minds programme, which sees the Society’s colleagues volunteer their time to deliver a series of lessons to teach children and young people of all ages and abilities about money.
